Standard Chartered (HKG:2888) will invest $1.5 billion in the bank's wealth management business over the next five years, the South China Morning Post reported Friday, citing Chief Executive Officer Bill Winters.

Activity from Chinese and Indian wealth management clients prompted StanChart to boost its wealth management product, the report said, citing Winters.

The plan comes as Chief Executive Officer Bill Winters said the city will be one of the focus areas for the investment, alongside Singapore, Dubai, and Jersey in the UK, the report said.

"Hong Kong has obviously had a little bit of a tough time over the past few years, but we feel that is stabilizing and actually improving. We are investing in that market as much as we ever have," the report said, citing Winters.

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