Standard Chartered (HKG:2888) aims to attain $200 billion in net new assets and double-digit income growth in the next five years, according to a Tuesday press release by the British lender.

The move is part of a bigger strategy to shift to its higher fee-earning business, which will serve more high-net-worth clients across its hubs in Hong Kong, Singapore, the United Arab Emirates, and Jersey, Standard Chartered said.

The bank also plans to increase its relationship manager team by 50% by 2028, it said.

Over the past two years, Standard Chartered's assets under management topped the growth of the world's top 20 banks on average, the bank said.

Shares fell 2% during Wednesday's trading.