Standard Chartered is planning a hiring spree to accomplish its goal of growing its private banking assets by 50% to nearly $100bn, reported Reuters.
Currently, the bank manages $65bn in private banking assets.
Standard Chartered global head for private banking and wealth management Didier von Daeniken was quoted as saying by the news agency: “Our ambition is to see us cross the $100 billion mark. That makes us meaningful internally for the group, that makes us a meaningful player in this landscape.
“Hitting $100 billion can give us credibility internally, help us to attract talent.”
The bank will reportedly hire 30-40 private bankers every year over the next two years.
Majority of the recruitments will be in Hong Kong and Singapore, Daeniken said.
The private banking business intends to attract more corporate and institutional banking clients in Asia as well as other emerging markets to grow assets, according to the report.
Daeniken also stated that the private banking unit had come a long way but stressed that its goal is tough to achieve as it has “to maintain the momentum in a difficult market environment”.
In the first half of 2019, the underlying profit before tax at the bank’s private banking business was $100m as against a loss of $5m in the previous year.
During this period, 3.8% of the bank’s total pre-tax profit was said to have come from this business.
Standard Chartered Private Bank has booking centres in Singapore, Hong Kong, Dubai, India, London, and Jersey. The business serves affluent clients in Asia, Africa, Europe, and the Middle East.