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February 12, 2014updated 04 Apr 2017 2:30pm

Standard Chartered hoping to offload Swiss private bank

Standard Chartered is looking for a buyer for its Swiss private bank, according to a source familiar with the process.

By Patrick Brusnahan

Standard Chartered is looking for a buyer for its Swiss private bank, according to a source familiar with the process.

The lender hopes the sale of the arm, which was founded in 2007 and currently hires 70 staff, will allow a higher focus on the high net worth population in Asia, Africa and the Middle East.

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.

Standard Chartered declined to comment.

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