Deals
Barclays Private Bankers Defect Before OCBC Acquisition
- More than 10 wealth managers leave for Standard Chartered
- Reflects competition for staff as banks eye Asia’s rich
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Standard Chartered Plc has stepped up its hiring from Barclays Plc’s private-banking team in Hong Kong ahead of the transfer of the business to Oversea-Chinese Banking Corp., in a move that underscores the stiff competition for wealth managers in Asia.
More than 10 Barclays relationship managers in Hong Kong are joining Standard Chartered, which is expanding its wealth business in the region after hiring global private-banking head Didier Von Daeniken from Barclays in March, said people familiar with the matter, who asked not be named as the move hasn’t been disclosed. About 20 Barclays relationship managers are expected to join OCBC’s private banking unit in Hong Kong, one person said.