By Michelle Tay

The rising affluence of Asians has prompted Standard Chartered Private Bank to launch its third tailored private wealth service, this one targeted at Koreans around the world.

Launched in Singapore yesterday, the programme is geared towards two levels of customers: those with assets of at least US$10 million (S$14.3 million) and those with assets of at least US$25 million to their name.

The Standard Chartered Private Bank was launched in the middle of last year with the Global Australian programme starting soon after. The Global Indian programme was launched in London last week. The bank already manages US$35 billion in assets around the world.

StanChart said there are at least seven million Koreans living outside South Korea. Of these, four million live in the Asia-Pacific, including 20,000 here.

South Korea is also the world's third-fastest growing market of high-net worth individuals, said StanChart, with 120,000 of them holding on to assets of US$289 billion globally.

The Global Korean programme will start here, StanChart Private Bank's global headquarters, and move to Hong Kong, London, Geneva and Dubai - all cities where StanChart has a strong presence and there are significant Korean expatriate populations.

The programme aims to be 'for Koreans by Koreans' and will boast a dedicated estate planning service, as many in the targeted Korean group are middle-aged and looking to pass their wealth on to the next generation, said StanChart.

The suite of private banking services will also include investment management, credit and advisory services, such as buying and selling property overseas.

Mr Peter Flavel, global head of StanChart Private Bank, said StanChart has two more similar programmes in the pipeline as its first Global Australian one has 'been enormously successful'.

He would not reveal further details but added: 'We've got several different options, some are geographic ...[and] a new type of offering.

'As a relatively new private bank, it makes huge sense for us to continue to leverage on what we're...naturally advantaged in. We'll continue to focus on our natural markets...Asia, Africa and the Middle East.'

This article was first published in The Straits Times on September 13, 2008.