The founding head of Standard
Chartered Private Bank, Peter Flavel, is moving on to take on the
role of global head of the bank’s personal banking unit. Fellow
Australian Shayne Nelson, the current regional chief executive for
the bank’s Middle East and North Africa business, is to replace his
countryman.
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The founding head of Standard Chartered
Private Bank, Peter Flavel, is to be replaced by fellow Australian
Shayne Nelson.
Flavel, a finalist for Outstanding Global
Private Banker at last year’s Private Banker International
Global Wealth Awards, is to take over as global head of the bank’s
personal banking unit from 1 July, subject to regulatory
approval.
Nelson is currently based in the United Arab
Emirates (UAE) as the bank’s regional chief executive for the
Middle East and North Africa.
He has been at Standard Chartered for 13 years
and will move to Singapore in July where he will report to Steve
Bertamini.
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By GlobalDataThe bank said under Nelson’s leadership the UAE
is now its fourth most profitable market and generates more than
$1bn in revenue. Prior to his current position, Nelson held various
key roles within the bank including chief risk officer for
wholesale banking, regional credit officer, Hong Kong, China and
North East Asia.
He has also been chief executive and managing
director for Malaysia.
Flavel helped establish StanChart’s private
bank three years ago following the acquisition of American Express
Bank and is said to be pleased with the successful inroads Standard
Chartered has made becoming a leader in Asian private banking.
In 2009, the bank’s income fell 31% to $161m in
the Americas, UK and Europe, where the majority of Standard
Chartered’s business is in private banking. Assets under management
(AuM) in the region were down 15%, or $2bn, at $13bn.
AuM grew 26% in Asia last year thanks to growth
in India and other key markets and 12% globally with a 25% increase
in its client base.
An industry observer said they understood the
bank’s 2010 yet-to-be-released first quarter results were a record
quarter for the private bank.
Relationship manager numbers were understood to
be close to 400 with some key hires being made in recent
months.
These recent hires included North East Asia
recruits Trevor Mak, Stella Kong and Lionel Kwok and Richard
Howarth’s move from Barclays in London to run Standard Chartered’s
African private banking business.
