12th Feb 2014 14:56
LONDON (Alliance News) - Standard Chartered PLC is looking to sell its Swiss private banking operations as it continues to focus on other parts of its business, a spokesperson told Alliance News Wednesday.
The spokesperson said the decision came after a strategic review and that it is "a very small unit of the business".
Standard Chartered will continue to offer wholesale banking in Switzerland.
On Tuesday, Standard Chartered appointed Michael Benz as its new Group Head of Private Banking.
Benz joins Standard Chartered with over 20 years' in the Treasury, Asset Management and Private Banking industry. He was most recently the Designated Chairman for Asia at Julius Baer.
He will be based in Hong Kong and report to Anna Marrs, who assumes the role of Group Head of Commercial and Private Banking Clients from 1 April 2014.
Standard Chartered shares were Wednesday quoted at 1,304.50 pence, up 34.50 pence 2.7%.
By Samuel Agini; [email protected]; @samuelagini
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