The UK-listed bank said it expects most of the new hires are likely to be in Hong Kong and Singapore

Standard Chartered, which earns the bulk of its revenues in regions such as Asia, intends to boost private banking assets by 50 per cent to about $100 billion in three to five years. It will hire dozens of bankers in Hong Kong and Singapore to achieve that goal, a media report said, citing a senior executive.

The UK-listed bank will recruit between 30 and 40 private bankers every year in the next two to three years to add to its approximate headcount of 300 relationship managers. Most of the new hires will be based in Hong Kong and Singapore, Standard Chartered’s global head for private banking and wealth management, Didier von Daeniken, told Reuters.

As the newswire noted, StanChart's private banking business accounted for only 3.8 per cent of the group’s total profit before tax in the first half of this year.

“Our ambition is to see us cross the $100 billion mark. That makes us meaningful internally for the group, that makes us a meaningful player in this landscape,” Daeniken was quoted as saying. “Hitting $100 billion can give us credibility internally, help us to attract talent.”

Banks such as UBS, HSBC Private Banking and Deutsche Bank's wealth arm have signalled big hiring ambitions in recent months. An issue for the industry is how to locate sufficient talent in the region without engaging in a costly bidding war for existing RMs and bankers.