Standard Chartered is in exclusive talks to sell its Swiss private banking division. A source close to the process said talks were at an advanced stage and could be finalised in a matter of weeks.
Previous media reports had suggested the Swiss unit, which currently employs 70 members of staff, was looking to be closed down due to difficulty finding a buyer. The source, who remained tight lipped as to the potential suitor, stressed this was not the case.
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In February, Private Banker International reported that the bank was looking to sell the Swiss private bank as part of a strategy to sharpen its focus on Asia, Africa and the Middle East, which generates roughly 90% of the bank’s profits. Other business units reportedly up for sale include Standard Chartered Savings Bank, Standard Chartered Capital in South Korea; retail banking unit in Lebanon; consumer-finance outfit in Hong Kong’s; and consumer banking division in Germany.
Standard Chartered, who recently appointed Michael Benz as their group head of private banking, is the latest bank to re-examine business in Switzerland as foreign tax authorities continue to crackdown on Swiss bank secrecy. Last month, Switzerland endorsed a new OECD declaration for banks to automatically share information regarding tax. In addition, Credit Suisse pleaded guilty to aiding tax evasion and paid a fine of over $2.8 billion.
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