Standard Chartered is looking for a buyer for its Swiss private bank, according to a source familiar with the process.

The lender hopes the sale of the arm, which was founded in 2007 and currently hires 70 staff, will allow a higher focus on the high net worth population in Asia, Africa and the Middle East.

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Standard Chartered, who recently appointed Michael Benz as their group head of private banking, is the latest bank to re-examine business in Switzerland as foreign tax authorities continue to crackdown on Swiss bank secrecy.

Standard Chartered declined to comment.

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