The founding head of Standard Chartered private bank, Peter Flavel, is to take over as global head of the bank’s personal banking unit from July.
Flavel, a finalist for Outstanding Global Private Banker at last year’s Private Banker International global wealth awards, is to be replaced by fellow Australian Shayne Nelson.
Nelson is currently based in the United Arab Emirates (UAE) as regional chief executive for the Middle East and North Africa. He has been at Standard Chartered for 13 years and will move to Singapore in July.
The bank said under Nelson’s leadership the UAE is now its fourth most profitable market and generates more than $1bn in revenue.
Flavel helped establish StanChart’s private bank three years ago following the acquisition of American Express Bank.
In 2009, the bank’s income fell 31 percent to $161m in the Americas, UK and Europe, where the majority of Standard Chartered’s business is in private banking. Assets under management (AuM) in the region were down 15%, or $2bn, at $13bn.
AuM grew 26% in Asia last year thanks to growth in India and other key markets and 12 per cent globally with a 25% increase in its client base.
An industry observer said they understood the bank’s 2010 yet-to-be-released first quarter results were a record quarter for the private bank.
Relationship manager numbers were understood to be close to 400 with some key hires being made in recent months.
These hires included North East Asia recruits Trevor Mak, Stella Kong and Lionel Kwok and Richard Howarth’s move from Barclays in London to run StanChart’s African private banking business.