Please send job moves to
[email protected]StanChart
signals private
banking push
STANDARD CHARTERED is targeting 50% growth
of its private banking assets to about
53BNûINûTHREEûTOûlVEûYEARSûANDûWILLû
MAKEûDOZENSûOFûHIRESûINû(ONGû+ONGûANDû
Singapore toward that goal, a senior
executive of the lender said.
The goal shows that the bank has big
ambitions for the private banking unit,
which has until recently weighed on its
earnings and has stoked speculation of a
possible review for divestment given its
SMALLûSIZE
StanChart 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.
7ITHû53BNûOFûPRIVATEûBANKINGû
ASSETS û,ONDON
HEADQUARTEREDû3TAN#HARTû
is a small player compared with UBS,
which had assets of US$2.3trn last
year and Credit Suisse with US$770bn,
according to Asian Private Banker data.
The private banking business accounted
FORûJUSTûûOFû3TAN#HARTSûTOTALûPROlTû
BEFOREûTAXûINûTHISûYEARSûlRSTûHALF
“Our ambition is to see us cross
the US$100bn mark. That makes us
meaningful internally for the group,
that makes us a meaningful player in
THISûLANDSCAPE vû$AENIKENûSAIDûh(ITTINGû
US$100bn can give us credibility
INTERNALLY ûHELPûUSûTOûATTRACTûTALENTv
StanChart’s private bank caters to
wealthy individuals in Asia, Africa, the
Middle East and Europe, through booking
centers in Singapore, Hong Kong, Dubai,
India, London and Jersey island.
Underscoring a potential turnaround,THEûUNITûPOSTEDûAûPRE
TAXûPROlTûOFû
53MûINûTHEûlRSTûHALFûOFûTHISûYEARû
compared with a loss of US$5m in the
same period last year.
StanChart’s private banking return
ONûTANGIBLEûEQUITY ûAûKEYûMEASUREûOFû
PROlTABILITY ûINCREASEDûTOûûINûTHEû
lRSTûHALFûCOMPAREDûTOûNEGATIVEûûINûTHEû
YEAR
AGOûPERIOD ûITSûLATESTûlNANCIALûREPORTû
shows.
As part of the plans to bolster assets
under management, the private banking
unit plans to tap more of the group’s
corporate and institutional banking
clients in Asia and other emerging
markets where it has existing banking
networks.
h7ITHû53BNûWEûAREûDElNITELYûNOTû
among the largest, but we are part ... of a
company with a large balance sheet, with
an unmatched presence locally in all the
markets, which really matters when you
COVERûTHEûEMERGINGûMARKETS vû$AENIKENû
said.
SUMEET CHATTERJEEPlease contact us if you have information about job moves: [email protected]
Daniel Chung has
joined the structured
finance team at CTBC
BANK’s Hong Kong
branch as senior
vice president for
marketing.
Chung started work
last Monday at
CTBC after leaving
Maybank Kim Eng
Securities, where he
was vice president
of debt markets loan
syndication.
At CTBC, Chung will
be involved in client
coverage, syndicated
loans and structured
finance. He reports
to Jasmine Lo, head
of structured finance,
who in turn reports
to Keith Lee, head of
corporate banking. The AUSTRALIAN
PRUDENTIAL REGULATION
AUTHORITY’s head of
policy Pat Brennan
has resigned.
Brennan, whose
full title is executive
general manager
for the policy and
advice division and
who oversees the
regulator’s policies on
banks, insurers and
super funds, is dueto leave at the end of
September. He joined
APRA in 2011 and has
been in his current
role since 2016.
Heidi Richards,
general manager for
policy development,
will take over the role
on an interim basis
until a permanent
successor is named. Canadian pension
fund PSP INVESTMENTS
has opened an
office in Hong
Kong, appointing
Stuart Szabo as its
managing director.
Szabo has been with
PSP Investments
for close to eight
years and was
previously senior
director for private
equity in its Montrealheadquarters.
He used to work at
US private equity
firm Apollo Global
Management and
began his career at
Deutsche Bank.
Canadian pension
funds have been
expanding in Asia due
to the relatively high
yields in the region,
particularly for real
assets.