StanChart Streamlines India Operations, Shutting 20 Branches to Expand Wealth Management
India’s Standard Chartered has cut its branch network to 80 from 100 as it shifts focus to advisory-led and wealth management services. The British institution intends to develop its priority banking hubs and enhance its affluent, SME and wealth businesses.
After having 100 branches in India a year ago, British lender Standard Chartered Bank has cut that number to 80. This move is being made as the bank shifts its emphasis to advisory-led services, such as wealth management.
However, among international banks that have not chosen to operate as wholly owned subsidiaries, Standard Chartered's branch network remains the largest in India. The bank has streamlined its operations by consolidating nearby branches and shuttering offices in some cities.
Standard Charted Shifting its Operation Strategies
In an interview with the media, Standard Chartered stated that the bank is concentrating on serving India's wealthy and well-off. Consequently, adapting to the changing landscape and meeting client expectations by shifting from single-product to multi-product engagements. The bank has said that evaluating the viability of potential new locations or the consolidation or merger of current branches is also part of the plan. For instance, by the end of 2026, the bank plans to have increased the number of priority centers inside its present branch network from 20 to approximately 30.
Standard Chartered went on to say that it is still dedicated to expanding its wealth, SME, and affluent banking operations. The bank is also committed to expanding its relationship managers, building big-format priority banking centers within current branches, and utilizing technology to provide customers with a global perspective and a unique banking experience. A number of years have passed since Standard Chartered began divesting itself of its operations in India. The personal loan division was sold to Kotak Mahindra Bank in October 2024 by the British lender. Standard assets of close to INR 4,100 crore were included in the deal. Curiously, the branch licenses have not been relinquished to the Reserve Bank of India by Standard Chartered.
International Banks Facing Stiff Competition from Indian Bankers
Due to intense competition from local banks in consumer loan products like mortgages and unsecured loans, some overseas lenders with branch networks have opted to leave the industry in recent years. The sale of Citi's consumer banking operations in India was finalised in 2023. Axis Bank acquired this bank's consumer lending, credit card, retail banking, and wealth management operations.
With a capital of INR 11,603 crore, Axis is the third biggest private sector lender in the nation. The retail banking, wealthy private banking, and wealth management operations in India were sold by Deutsche Bank to Kotak Mahindra Bank for INR 282 crore in June of this year. In 2025, HSBC, headquartered in London, took a contrarian call, even though many foreign lenders were pulling out of the Indian market. Amritsar, Bhopal, Bhubaneswar, Navi Mumbai, and Thiruvananthapuram are among the important locations where HSBC has chosen to open 20 additional offices, bringing the total number of branches to 26.
According to HSBC, the expansion further solidifies their commitment to the wealth potential in India. It had previously decided to cut the number of branches in India from 50 to 26 in 2016, so this was a switch in strategy.
