Standard Chartered has appointed private banking heavyweight Michael Benz, as the bank’s new group head of private banking, effective 17 February 2014.

Michael Benz joins Standard Chartered from Julius Baer, where he was the designated chairman for Asia and holds more than 20 years of experience in the treasury, asset management and private banking sectors.

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Prior to Julius Baer, Benz was the CEO of wealth management Asia-Pacific at Bank of America Merrill Lynch, responsible for the bank’s wealth management businesses in Hong Kong, Singapore, Taiwan, California, India and Japan. In this role, he was instrumental for the sale and integration of the business into Julius Baer in 2013.

Prior to this Michael spent thirteen years at UBS where he held a variety of roles, including head of group treasury Asia Pacific between 1997 and 2000, head of European investment solutions at UBS Global Asset Management until 2002 and APAC head for products and services at UBS Wealth Management in Hong Kong until 2010.

Michael takes the reins of Standard Chartered Private Bank from interim-CEO Judy Hsu, who took over management of the global business from Shayne Nelson. Michael 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.

Anna Marrs said: "Standard Chartered’s footprint markets are expected to account for 60% of the global growth in high-net-worth-individuals’ personal financial assets over the next three years. We have a tremendous opportunity to capture this growth, leveraging both Michael’s private banking expertise and Standard Chartered’s strong starting position."

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