The lender will recruit 30-40 private bankers every year in the next two to three years to add to its roughly 300 existing relationship managers, and the bulk of the additions will be in Hong Kong and Singapore, StanChart's global head for private banking and wealth management Didier von Daeniken told Reuters.
With US$65 billion worth of private banking assets, London-headquartered StanChart is a small player compared with UBS which, as per Asian Private Banker data, had assets worth US$2.3 trillion and Credit Suisse, with US$770 billion last year.The private banking business accounted for just 3.8 per cent of StanChart's total profit before tax in the first-half of this year."Our ambition is to see us cross the US$100 billion mark.
Underscoring a potential turnaround, StanChart's private banking business posted a pre-tax profit of US$100 million in the first half of this year, compared with a loss of US$5 million in the same period last year.
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