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Report: StanChart poaches Barclays' staff ahead of OCBC transfer

StandardChartered Plc hired staff from Barclays Plc's private banking business in Hong Kongahead of the business' proposed transfer to Oversea-Chinese Banking Corp. Ltd., Bloomberg Newsreported Oct. 6, citing "people familiar with the matter."

StanChart hired more than 10 relationship managers in HongKong from Barclays, said the sources. About 20 Barclays' relationship managersare expected to join OCBC's private banking unit, one person said.

OCBC expects "almost all" wealth managers inSingapore to transfer to OCBC at the end of 2016, said Jeffrey Chiam, theglobal human resources head at Bank of Singapore Ltd., OCBC's private banking unit.

In April, Bank of Singapore agreed to acquire 's wealthmanagement operations in Hong Kong and Singapore for US$320 million.

Representatives at Barclays and StanChart declined tocomment on the matter.