Standard Chartered Private Bank trains client’s Second Generation with Financial and Management Literacy

From 4 July to 19 August, a select number of children of Standard Chartered Private Bank’s clients globally and from the MENA region, are spending their summer interacting with senior bank executives and working on real-life projects, developing and honing their skills in the areas of business strategy development and personal wealth management. This annual customised programme - comprising a ‘Summer Business School’ and a ‘Tools to Build Your Financial Future’ workshop - was developed to meet the needs of  Private Bank clients who wish to equip their children early on with the necessary knowledge and skills to manage and grow businesses, and secure their financial future.

Shayne Nelson, Global Head of the Private Bank, said: “The majority of our clients are business owners. We recognise that one of their biggest concerns is the education of their children, many of whom will end up inheriting their parents’ businesses. We have designed our programme based on their needs to better prepare their children for managing businesses and taking charge of their financial future. This is also a very good opportunity for us to deepen relationships with our clients and learn about the next generation’s needs and characteristics, which can be different from their parents’ on some fronts.”

Duncan Woods, Group Head of Strategy for Consumer Banking, who leads the Summer Business School course, added: “Following the success of last year’s inaugural Summer Business School, we received overwhelming demand for this year’s course. Previous participants told us they particularly appreciated the opportunity to work on ’real-life’ projects within a leading international bank, and the close interaction and mentorship from our team. They felt they learnt things that cannot be learnt in school.”

The Standard Chartered Private Bank ‘Summer Business School’ commenced on 4 July at the Bank’s Consumer Banking business headquarters in Singapore with 20 participants and is led by the Group Strategy Team for Consumer Banking. In the Summer Business School, participants interact with and are mentored by senior bank executives as they tackle real-life business strategy projects, engaging in desktop research, hypothesis development, data collection and analysis, and interviews. The Summer Business School is followed by ’Tools to Build your Financial Future’, a week-long financial planning workshop for 40 young adults commencing 15 August. The latter is led by Private Banking Marketing and covers Investment (asset allocation, investment products), Non-investment (philanthropy, community involvement), and Self-development (motivation, personal branding).