Standard Chartered announces intent to bolster Hong Kong and Singaporean private banking divisions
Standard Chartered has revealed its plans to bolster its Singapore and Hong Kong private banking teams through dozens of hires, with the aim to nearly double its private banking assets to a value of USD 100 billion in the next 3 – 5 years.
Didier von Daeniken, the Global Head for private banking and wealth management for Standard Chartered, expressed the bank’s intent to hire 30-40 new bankers annually for the next 2 – 3 years. This will be adding to the existing 300 bankers under Standard Chartered’s employ.
The bank hopes that this expansion of its teams, with most of the hires to be new additions to the bank’s Hong Kong and Singapore teams, will allow the value of its private banking unit to exceed USD 100 billion in assets.
Standard Chartered’s private banking division currently accounts for 3.8% of the bank’s total profits, with USD 65 billion in assets. This, when compared to UBS’ USD 2.3 trillion and Credit Suisse’s USD 770 billion assets under management, showcases the potential for growth in Standard Chartered’s private banking business, according to a report by International Investment.
Daeniken added that “With $65bn we are definitely not among the largest, but we are part...of a company with a large balance sheet, with an unmatched presence locally in all the markets, which really matters when you cover the emerging markets."