Standard Chartered PLC intends to bolster its private banking assets by 50% to roughly $100 billion in the next three to five years, Reuters reported, citing Didier von Daeniken, the U.K.-based lender's global head for private banking and wealth management.
The lender also plans to add 30 to 40 private bankers annually over the next two to three years to its current roster of 300 relationship managers, mostly in Hong Kong and Singapore, according to the report.
"Our ambition is to see us cross the $100 billion mark," Daeniken reportedly said. "Hitting $100 billion can give us credibility internally, help us to attract talent."
StanChart's private banking business posted first-half pretax profit of $100 million, compared with a loss of $5 million a year earlier, Reuters noted. The bank's consolidated first-half profit attributable to parent company shareholders came in at $1.48 billion, down from $1.56 billion a year ago.