StanChart to hire more wealth managers in Hong Kong, Singapore under US$1.5 billion plan

Name: SCMP
Telephone: +852-2680-8888

The UK lender is banking on winning new clients with more than US$10 million of assets in target markets

Reading Time:2 minutes

Why you can trust SCMP

Aileen Chuang

Published: 4:30pm, 4 Dec 2024

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.

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

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.