Standard Chartered plans to hire dozens of bankers in Hong Kong and Singapore as it makes a push to double its private banking assets to $100bn in the next three to five years.
StanChart's global head for private banking and wealth management Didier von Daeniken told Reuters the bank will recruit 30-40 private bankers every year in the next two to three years to add to its roughly 300 existing relationship managers. Most of the hiring will be for the Hong Kong and Singapore offices.
StanChart has big ambitions for its private banking unit. With $65bn of assets, the private banking business accounts for just 3.8% of StanChart's total profit before tax in the first-half of this year.
Our ambition is to see us cross the $100bn mark. That makes us meaningful internally for the group, that makes us a meaningful player in this landscape"
By comparison, UBS had assets worth $2.3trn and Credit Suisse, with $770bn last year according to data from Asian Private Banker.
"Our ambition is to see us cross the $100bn mark. That makes us meaningful internally for the group, that makes us a meaningful player in this landscape," Daeniken said. "Hitting $100bn can give us credibility internally, help us to attract talent."
As part of the plans to bolster assets under management, the private banking unit plans to tap more of the group's corporate and institutional banking clients in Asia and other emerging markets where it has existing banking networks.
"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," Daeniken added.
StanChart's private banking business serves wealthy individuals across Asia, Africa, the Middle East and Europe, through Singapore, Hong Kong, Dubai, India, London and Jersey.