Standard Chartered has reduced its branch network in India from nearly 100 to 80 over the past year as it sharpens its focus on wealth management and premium banking services. The move is part of the bank’s plan to serve affluent customers more effectively while strengthening its advisory-led business.
The bank has closed or merged branches located close to each other to improve efficiency. However, it has retained the branch licences, allowing it to reopen them in other locations if required. Despite the reduction, Standard Chartered still has one of the largest branch networks among foreign banks operating in India.
As part of its growth strategy, the bank plans to increase the number of priority banking centres from 20 to around 30 by the end of 2026. It is also investing in larger wealth centres, digital banking services and additional relationship managers to provide better support to high-net-worth customers.
The latest move follows a series of changes in the bank’s retail business. Last year, it sold its personal loan portfolio to Kotak Mahindra Bank. Earlier this year, it also agreed to transfer around 4.5 lakh credit card accounts to Federal Bank while continuing to serve customers who have wider banking relationships with Standard Chartered.