Standard Chartered has hired over a dozen new bankers to boost its private banking teams in Singapore, Hong Kong, and the UAE, aiming to expand its affluent business, according to a bank statement released on Thursday.
Nicholas Cheng joined as Managing Director, Head of the Private Markets Group, reporting to Foo Tian Ong, Regional Head of Private Banking in Southeast Asia and Singapore. Cheng and seven others joined the Singapore team to focus on relationships and advisory services for ultra-high-net-worth clients.
Additionally, the bank recruited four relationship managers in Hong Kong and two in the UAE. This move aligns with the bank’s strategy to grow its affluent business by strengthening its private banking sector.
Standard Chartered reported a 5.5% rise in first-quarter pretax profit in May, driven by increased income from trading and wealth businesses, which offset additional credit losses.