The Standard Chartered Private Bank plans to hire 100 relationship managers globally within the next 12 months, to further accelerate its operations in its fast-growing markets.
The private bank currently has 350 relationship managers globally and the new recruitment will support planned expansion in its key markets in Asia, Europe and the Middle-East, in response to increasing demand from high net-worth individuals, a press release issued in Mumbai said.
The Standard Chartered Private Bank's Global Head Peter Flavel said that "as we are seeing a continuing increase in client demand for our private banking services, we will continue to invest in attracting talent to further strengthen our proposition."
Flavel said that "the current market dislocation is highlighting distinct opportunities for The Standard Chartered Private Bank. We are seeing `flight to quality' in terms of liquidity across our markets. It has given us an opportunity to get closer to our clients and increase the depth of our relationships."
The Standard Chartered Private Bank is seeking the opportunities that leverage its capabilities by being integrated into the overall commercial bank.
Its business model differs from most in that it is deliberately not a stand-alone monoline business but rather integrated into the group's businesses, the release said.
This means that relationship managers by working with other colleagues in the bank, have a strong base to work from and have opportunities to build their business from within the bank, it added.