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Standard Chartered will hire more relationship managers in Hong Kong, Singapore and the United Arab Emirates (UAE) as part of a five-year plan to oversee an additional US$200 billion of new money from clients, after a stellar performance last quarter.
"We are going to grow the private bank in Singapore, Hong Kong, UAE, and also we have an advisory centre in London," said Judy Hsu, CEO of wealth and retail banking. "A significant portion of our investment will enhance those capabilities that support our clients' international banking needs" including a 50 per cent increase in staffing by 2028, she added.
The UK lender unveiled a plan in October to double its investment in the business segment to US$1.5 billion, with a focus on catering to affluent and international customers, by scaling back some of its retail banking business in markets such as in Botswana, Uganda and Zambia.
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Hong Kong was the single most profitable market for Standard Chartered last quarter, accounting for 34.4 per cent of its US$1.8 billion underlying profit before taxation in the third quarter, according to results published in October. Singapore and UAE generated 17.4 per cent and 5.4 per cent, respectively.
Judy Hsu, CEO of wealth and retail banking, relocated to Hong Kong in October to be closer to the group's single most profitable market. Photo: Handout alt=Judy Hsu, CEO of wealth and retail banking, relocated to Hong Kong in October to be closer to the group's single most profitable market. Photo: Handout>
By business segment, the wealth management and retail banking unit provided 41 per cent of the group profit, aided by a record income from wealth solutions. The corporate and investment banking unit was the top contributor with 76 per cent.
Hsu said that Standard Chartered will focus its headcount expansion on three categories of clients: private, priority private and international. Clients in the private tier are those with a net worth of more than US$10 million, while the priority-private clients are those with US$1 million of assets.
"We will have more relationship managers in private banking in Hong Kong and the UAE, while [the expansion in] priority private is across all the markets," said Hsu, who relocated from Singapore to be closer to its single most profitable market. "We have already grown the number of relationship managers in the international banking segments in Singapore and Hong Kong."