Standard Chartered to expand private banking team in Singapore – report

Standard Chartered is readying to summation its backstage banking workforce successful Singapore to treble the fig of bankers serving affluent Chinese clients, reported Financial Times.

This determination follows accrued scrutiny connected Chinese fiscal flows aft respective money-laundering cases involving Chinese nationals, the study noted.

Up to 50 caller narration managers are expected to beryllium hired successful Singapore this year, with the slope seeking to pull clients from China.

In a connection to FT, StanChart backstage slope planetary caput Raymond Ang said: “Singapore continues to beryllium a precise important offshore banking centre for affluent Chinese clients, particularly from bluish and occidental China.”

While Singapore remains a favoured determination for Chinese individuals to determination funds offshore, the drawstring of caller money-laundering investigations has prompted person inspection of sources of wealthiness and led to delays successful relationship openings, highlighted the report.

In immoderate cases, this has led clients to see Gulf states, wherever mounting up accounts and household offices tin beryllium little complex.

Despite these challenges, Standard Chartered, whose office are successful London but which earns astir income from Asia, reports dependable request for Singapore-based services owed to the city-state’s established presumption successful managing Chinese wealth.

Drawing successful affluent expatriates from China and India with varied cross-border income remains cardinal to Standard Chartered’s wealthiness absorption strategy, the quality work added.

In 2024, the slope outlined plans to treble its concern successful this assemblage with $1.5bn allocated implicit 5 years arsenic it seeks gross sources beyond involvement income.

The enlargement includes caller wealthiness absorption centres crossed aggregate Asian cities.

Sources acquainted with the bank’s Singapore operations accidental Standard Chartered is continuing with its maturation plans contempt caller scandals and has enactment further safeguards successful place.

The wealthiness absorption part reported a 24% emergence successful income for 2025.

Last year, the slope gained 275,000 affluent customers and $52bn successful nett caller funds, with astir 1 3rd being Chinese customers with offshore assets.

Once the hiring process concludes, Standard Chartered’s Singapore squad serving Chinese clients volition lucifer its Hong Kong counterpart successful scale.

“The hires we are making successful Singapore physique connected our plans to beryllium 1 of the starring wealthiness managers successful Asia,” noted Ang.

"Standard Chartered to grow backstage banking squad successful Singapore – report" was primitively created and published by Private Banker International, a GlobalData owned brand.