STANDARD Chartered Private Bank will ramp up hiring over the next three years to capitalise on the growing ranks of wealthy investors in Singapore and other regional centres.
Chief executive Shayne Nelson told a conference yesterday that the Republic is one of the bank's biggest Asian markets while the region as a whole is experiencing 'massive growth in wealth'.
He noted that Stanchart will hire 300 private bankers between now and 2013, and that a 'significant piece of that investment' in staff will be in Singapore and Hong Kong.
Mr Nelson, who is based here, noted that Singapore had a healthy position in the private banking sector and that China's growth will just keep propelling business.
'With the Chinese wanting to pull money out of China and diversify their investments... Singapore is very well placed.'
Indonesia, Malaysia and the Philippines also offered significant opportunities for private banking in Singapore, observed Mr Nelson, who was speaking on the sidelines of the 20th Private Banker International (PBI) Wealth Summit at Shangri-La Hotel.
- The Straits Times
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