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.
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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.
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By GlobalDataAuM 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.
