Standard Chartered plans to double the number of private bankers catering to wealthy Chinese in Singapore despite increased scrutiny of flows from China after a series of high-profile money-laundering scandals.
The bank, which has ambitions to be a top wealth manager in Asia, will add up to 50 relationship managers in Singapore this year to attract rich Chinese clients, Raymond Ang, global head of StanChart’s private bank, told the FT.
“Singapore continues to be a very important offshore banking centre for wealthy Chinese clients, especially from northern and western China,” he said.
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