Wednesday, July 29, 2009

StanChart to boost pool of relationship managers to 300

AS AFFLUENCE in Asia rises, Standard Chartered Bank is ramping up its wealth management business in Singapore.

In an expansion of its priority banking business here, the foreign bank yesterday said it planned to hire 300 relationship managers over the next three years, more than double its current number.

So far, it has hired 80, it said. Priority banking caters to individuals with $200,000 or more in net assets.

Other banks are also hiring more. HSBC says it is planning to take on about 100 staff in wealth management, while OCBC says it will continue hiring selectively.

Market watchers say this is a good time for banks that are relatively unaffected by the financial crisis to capture more market share.

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