Standard Chartered hopes to grow its private banking division this year after spending $73m in a top-down restructure in 2016, introducing a new executive management team, but ending the year with $41m losses.
In December 2015 the bank announced it would combine the leadership of the private banking and wealth management divisions under one global head, a role taken on by Singapore-based Didier von Daeniken.
A spokesperson for the bank said: “The current minimum AUM for Standard Chartered’s Private Banking clients is $2m, and we remain committed to serving them.
“Our intention is to move the minimum AUM for new clients to $5m, over the next couple of years. We continue to invest in broadening our product offering and enhancing our capabilities.”
