Standard Chartered has appointed Marc van de Walle as global head, wealth management.
He will be based in Singapore and report to Benjamin Hung, regional CEO Greater China and North Asia, CEO retail banking and wealth management.
van de Walle joins the firm from Bank of Singapore, where he was most recently senior managing director and global head of products. he was also concurrently head of wealth management for OCBC. he has experience in running global products that supported Bank of Singapore’s private banking as well as OCBC’s retail clients, corporate strategy and business transformation.
The current global head of private banking and wealth management, Didier von Daeniken, will focus his time of running the private banking business.
Standard Chartered results
Standard Chartered’s private banking arm registered a fall in Q1 2020 profit in line with the group profit that was dampened by increased loan provisions in the wake of the Covid-19 crisis.
Statutory pre-tax profit at the private banking unit decreased to $35m in Q1 2020 compared to $70m in the prior year.
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Underlying pre-tax profit also nearly halved to $37m from $72m over the period.
However, operating income of $162m in the January-March quarter was 9% higher than the previous year figure.
Wealth Management contributed $116m to the income, which was up 23% from $94m a year ago.
Operating expenses remained stable at $124m.
At a group level, Standard Chartered’s profit attributable to ordinary shareholders dropped 12% year-on-year to $810m.
The banking group’s underlying pre-tax profit decreased 12% to $1.22bn from $1.38bn.
This was driven by a rise in bad loan reserves from $956m to $78m due to the Covid-19 pandemic.
In Greater China & North Asia, which has been affected hard by the pandemic, the bank’s underlying pre-tax profit dipped only 1% year-on-year to $650m.
Africa & Middle East reported an 83% plunge in underlying profit to $47m.
On the bright side, Europe & Americas swung to a profit of $101m in Q1 2020 compared to a $32m loss in Q1 2019.
The bank has displayed a somewhat positive tone on the recovery and hopes to “come through the crisis with strength”.