HONG KONG - Deutsche Bank has added nine Standard Chartered bankers to its team servicing wealthy clients in China and Hong Kong, according to a person familiar with the matter, continuing a raid on its London-based rival that began with the hiring of Boris Kwok.
China's rapidly growing middle and upper class is becoming the focal point for wealth management giants across the world. UBS Group, which runs the region's biggest private bank, is seeking a local partner for its wealth management business there, while Credit Suisse Group hired a top private banker from China Merchants Bank to develop its onshore wealth management business in the world's most populous nation.
"Following the departure of the team to Deutsche Bank last year, attrition has slowed significantly in Hong Kong, with only 10 relationship managers departing this year," Standard Chartered said in a statement. In the past two years, 25 have joined from another bank alone. The percentage of senior relationship managers has risen from 15 per cent to 40 per cent in the past four years, it said.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »