Standard Chartered Bank has added a new market head to strengthen its private banking and wealth management teams in the Greater China & North Asia (GCNA) region, in a bid to meet increasing ultra high net worth (UHNW) client demand.
The bank has appointed Harry Lai, who joins from Barclays, as market head, GCNA, Standard Chartered Bank said in a statement earlier today. Lai, who joined the firm on 3 January will report into Vivian Chan, who started in her role on 6 January as regional head, private banking for GCNA. Her appointment, to succeed the retiring Desmond Liu, was originally announced, as reported, in July 2016.
Lai’s appointment as market head also follows on from hires of Michael Yong-Haron, formerly at RBC, and Alex Tse, formerly at Credit Suisse, as fellow market heads for GCNA in August 2016. In addition to these appointments, the Standard Chartered regional front office team has added 12 new senior relationship managers since October.
All of the market heads will report into Chan, who has more than 30 years of experience and expertise in building businesses and managing UHNW client relationships, the company said.
Standard Chartered’s Wealth Management advisory capability has also been strengthened with the appointments of Barry Chan from Julius Baer as regional head of investment advisory for GCNA in July 2016, and Teddy Chu from Credit Suisse as regional head of trust and fiduciary Services, GCNA, in December 2016.
Standard Chartered added that it is looking a a series of further “strategic hires of senior industry practitioners” in 2017.
Didier von Daeniken, global head of private banking and wealth management said: “We continue to invest in our private nanking and wealth management business. The Greater China & North Asia region is central to our strategy and we are building a strong team, with half of our targeted global hires in these markets.”
Although its parent is based in London, Standard Chartered Private Bank is headquartered in Singapore, and operates out of 11 offices – including two trust offices – across Asia, Africa, Middle East and Europe. It was launched in May 2007, and acquired American Express Bank Ltd in 2008.
Standard Chartered Plc is listed on the London and Hong Kong stock exchanges as well as the Bombay and National stock exchanges in India. It employs around 84,000 globally.