Stanchart (02888.HK) Chairman Jose Vinals stated that over the past three years, the group's asset management scale in Africa has more than doubled, with future plans to expand business through ultra-high-net-worth clients in Africa.

He noted that the asset management scale in Sub-Saharan Africa has surged from 1.7 billion dollars to 4 billion dollars. Although the group has reduced its business in Africa, it still retains operations in ten countries, acknowledging that these countries are facing challenges such as currency depreciation, high inflation, and debt.

However, he believes that the local development momentum is quite remarkable and anticipates that the group will continue to see significant growth locally, as the asset management business is one of Stanchart's strongest growth engines.