StanChart eyes $100 billion private bank assets in growth push, to hire bankers

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StanChart eyes $100 billion private bank assets in growth push, to hire bankersStandard Chartered is targeting growing its private banking assets by 50% to about $100 billion in three to five years and hire dozens of bankers in Hong Kong and Singapore toward that goal, a senior executive of the lender said. The moves show StanChart has big growth ambitions for the private banking unit that had until recently weighed on the lender's earnings, with its small size stoking speculation it would be put under review for possible divestment. 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.


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