People Moves

Standard Chartered's Private Bank Adds To Hong Kong Teams

Tom Burroughes, Group Editor, 11 August 2016

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The bank has added senior bankers to its teams in Hong Kong.

Standard Chartered Private Bank has hired two senior managers, based out of Hong Kong, this publication can confirm.

Michael Yong-Haron has joined the private bank of the UK-listed firm as head of relationship management, private banking in Hong Kong. Previously, he was North Asia head of wealth management at Royal Bank of Canada.

Alex Tse has been appointed managing director, senior team leader of client advisory, private banking. He was most recently managing director and sector head at Credit Suisse.

The pair report to Desmond Liu, regional head of Greater China Private Banking.

Last week, Standard Chartered, which earns the bulk of its revenues in regions such as Asia, reported a profit attributable to ordinary shareholders of $394 million, falling from $1.462 billion a year ago, but bouncing back from the loss of $3.822 billion in the second half of 2015. Underlying operating income stood at $6.81 billion, down from $8.495 billion a year ago. Statutory pre-tax profit was $893 million, down from $2.098 billion a year ago. Income from private banking of $261 million fell 10 per cent year-on-year but was 7 per cent higher than in the previous half.

 

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