LONDON - Standard Chartered, the British bank that earns most of its profit in Asia, is prepping its Swiss private bank for a sale as it prunes its non-core operations, a spokeswoman confirmed Wednesday.
As part of a strategy unveiled in November, the bank is selling or exiting several of its smaller businesses outside its core markets in hopes of bolstering returns across the group. The bank is focused on growth markets in Asia, Africa and the Middle East.
Standard Chartered will continue to operate it commercial banking business in Switzerland, but is looking to sell its Swiss private bank, the spokeswoman said.
Wealthy clients will be able to receive similar services from its private banking operations in other parts of the world.
The Wall Street Journal reported Standard Chartered’s plans for the sale earlier Wednesday.
The news comes a day after the bank announced it had appointed Michael Benz to serve as group head of its private banking operations. He will be based in Hong Kong.
Mr. Benz, who takes the post on Feb. 17, was most recently the designated chairman for Asia at Julius Baer. He was formerly chief executive of Bank of America Merrill Lynch’s wealth management business in the Asia-Pacific region.
Standard Chartered was formed in 1969 through the merger of two banks, whose combined history dates back 150 years. It operates in 68 countries.
The bank warned in December that its operating profit at its consumer bank would fall in 2013 for the first time in a decade. The bank is set to report its year-end results on March 5.
Its private banking operations, which are based in Singapore, began business in 2007.
