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The bank says it shall not reprice existing loan facilities and they will continue under the existing agreements/FIILE

Kenya

Stanchart sets its eyes on affluent market in new business segment

Dubbed Premium Banking, the proposition is targeting clients with a gross income of between Sh120,000 and Sh500,000 monthly/FILE

NAIROBI, Kenya, Jul 14 – Standard Chartered Bank has launched a new retail clients’ business segment as the bank steps up focus on the emerging affluent market.

Dubbed Premium Banking, the proposition is targeting clients with a gross income of between Sh120,000 and Sh500,000 monthly.

The launch of the Premium Banking segment follows the successful establishment of Priority Banking, the Bank’s top-tier segment.

Head of Retail Banking in Kenya and East Africa David Idoru says the move was been driven by results from last year’s global study on investment trends among the emerging affluent.

The Emerging Affluent Report revealed that this rising consumer class is losing out on savings because of an overly simplistic approach to their personal finances; in some cases, cash is sitting under mattresses instead of in bank accounts.

The study involved 8,000 emerging affluent consumers in Kenya and eight countries in Asia.

“For example, in Kenya, this class of investors could boost their savings by an average of 42 per cent if they move from a basic savings approach to a low-risk wealth management strategy. As indicated in the study, though they are saving regularly, the emerging affluent are relying on a basic approach to saving money. By exposing them to premium wealth solutions, we want to guide them to adopt more advanced saving methods,” said Idoru.

As part of the launch, customers in the Premium Banking segment will be issued a Visa Platinum card which has a purchase protection of up to Sh500,000 and extended warranty of up to 24 months benefits.

They will also enjoy 100 percent financing on their first mortgage, a construction loan for clients who have land for a home, Personal Loan up to Sh6 million and over draft against term deposits.

“During the introductory campaign period which runs for 45 days new customers stand a chance to win a bonus salary up to Sh100,000 plus a 50 percent discount on the first investment product fee on a regular saving plan as low as $200, earn 5000 bonus reward points upon signing up for a new credit card and a repayment break for unsecured personal loan,” Idoru added.

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