Singapore: Standard Chartered announced a reshuffle of senior executives on Friday that will see Peter Flavel, the high-profile head of its private bank, become global head for personal banking.
StanChart’s private bank has grown strongly since it was relaunched three years ago under Flavel. The private bank manages about $35 billion in client assets and is one of the top 10 in Asia.
Flavel said in an interview with Reuters last month the private bank aims to tap the growing number of millionaires in China and India and expects to hire over 100 bankers globally this year.
Shayne Nelson, currently StanChart’s regional CEO for the West Asia and north Africa, will move from the UAE to Singapore to take over from Flavel as private bank head.
Both men will report to Steve Bertamini, StanChart’s CEO for consumer banking.
In his new role, which will see him move to Hong Kong from Singapore, Flavel will focus on improving the profitability of personal banking, which accounts for over 50 percent of consumer banking revenues, StanChart said in a statement.
Flavel replaces Raheel Ahmed, who will relocate to Dubai as global head of distribution channels.
UK-based StanChart, which focuses on the emerging markets of Asia, the West Asia and Africa, described the staff movements as part of a regular rotation of senior executives.
“Like any other organisation, Standard Chartered continues to make changes and move senior executives based on career opportunities and business needs,” a spokeswoman said.