By Lawrence White

LONDON (Reuters) – Standard Chartered will target $200 billion in new assets and double digit growth in income from its wealth business over the next five years, it said on Tuesday, as part of a wider strategy to shift to higher fee-earning businesses.

The statement from the bank expands on ambitions it unveiled in October to trim back its retail banking business in some markets in order to fund a $1.5 billion pound investment in its wealth unit, particularly targeting mass affluent customers.

The bank will also aim to double the size of its relationship manager team by 2028, it said, as well as upgrading branches and investing in technology to win new clients.

The shift in focus from ordinary retail banking to target more affluent clients mirrors a shift at rival HSBC, which has in recent years slashed its retail presence in markets such as the U.S. and France while investing in wealth management.

“As we continue to focus on our competitive strengths, a significant portion of our investment will enhance those capabilities that support our clients’ international banking needs,” said Judy Hsu, CEO, Wealth and Retail Banking at Standard Chartered.

Standard Chartered said last month it is exploring a potential divestment of its wealth and retail banking operations in Botswana, Uganda and Zambia, as part of the shift in investment.

(Reporting by Lawrence White; editing by Sinead Cruise and Jason Neely)