Standard Chartered in Singapore has hired a senior relationship manager from DBS as it continues to build its Asian private bank.
Abhijit Shetty joined Stan Chart as a director earlier this month, according to his online profile. We understand that he mainly handles non-resident Indian (NRI) clients based in Singapore, Southeast Asia and Hong Kong.
Shetty spent five years at DBS, covering the same client segment, and was a high performer. He achieved 140% and 120% of his AUM target in 2015 and 2016 respectively.
Prior to DBS Shetty was at ANZ in Singapore for three years as an NRI team head, focused on the Indonesia market. During his previous job at HSBC (2008 to 2009) Shetty started the bank’s Indonesia NRI market from scratch.
Like most of his NRI contemporaries, Shetty made his name onshore in India (at Citi) before moving offshore – he transferred internally with Citi to Singapore.
Shetty's hire forms part of Stan Chart’s push in Asian private banking. It has recruited more than 50 experienced private bankers and advisers since the final quarter of 2016. Earlier this month, for example, the bank took on Jack Wu and Pauline Ko, from HSBC and Deutsche Bank respectively, as Hong Kong-based MDs covering Greater China.
As we noted last week, however, Stan Chart’s recent attempts to poach more ex-Barclays bankers away from Bank of Singapore have not met with much success. It now appears to be turning its hiring attention to other wealth managers.
The NRI job market in Singapore has been active recently. As we reported in June, Julius Baer recruited veteran NRI banker Sanjeev Sharma from Bank of Singapore.
BoS is itself building its NRI capabilities, having recruited Harjeet Singh from BNP Paribas in June as a team leader. BoS also took on Chandan Gupta from DBS in April. Other recent NRI moves include Divya Menon joining Credit Suisse from DBS, and Feroze Sukh moving to Safra Sarasin from ABN AMRO, along with a six-strong team.
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