Standard Chartered's private bank will step up hiring over the next three years to capitalise on the growing ranks of wealthy investors in Singapore and other regional centres, its chief executive was quoted by media reports as having said at a conference yesterday.

Shayne Nelson said the region as a whole is experiencing “massive growth in wealth”. The Standard Chartered Private Bank will hire 300 private bankers between now and 2013, and a “significant piece of that investment” in staff will be in Singapore and Hong Kong, he reportedly said.

Nelson also noted that Singapore had a healthy position in the private banking sector and that China's growth will just keep propelling business.

“With the Chinese wanting to pull money out of China and diversify their investments... Singapore is very well placed,” he said.

Indonesia, Malaysia and the Philippines also offers significant opportunities for private banking in Singapore, said Mr Nelson, who was speaking on the sidelines of the 20th Private Banker International Wealth Summit at the Shangri-La Hotel.