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Report: StanChart loses 4 Asia-based execs

Four senior Asia-based bankers have resigned from Standard Chartered PLC's private banking unit in recent months, Reuters reported March 13, citing three people with direct knowledge of the matter.

Among those who left are Teddy Kwong, managing director and market head for Hong Kong, and Peter Lam, managing director and team leader for Hong Kong, the sources said. Ray Li, private banking managing director and head of relationship management, has also left, they added.

Sandeep Das, who was StanChart's India private banking head, left the company for Barclays PLC, where he is head of private clients for India in private bank and overseas services, according to a Barclays announcement.

A StanChart spokeswoman in Singapore declined to comment on the staff exits, but said that the company will continue to invest in and hire for its private banking business in 2019.

The group is adding 15 private bankers in London in the quarter ended March 31, who will serve the lender's clients in the Middle East, two sources said.

Kwong, Lam, Li and Das could not be reached for comment, the news outlet reported.