Standard Chartered has hired another senior banker into its expanding non-resident Indian (NRI) team in Singapore.
Mo Choudhury has left EFG after just 10 months to join Standard Chartered as a director, according to his online profile.
Prior to EFG, Choudhury worked for BSI for almost six years. He transitioned into EFG when it acquired BSI’s office in the Republic, which was closed by the MAS last year following an investigation into corruption at Malaysian state fund 1MDB.
Choudhury joins a growing group of former BSI private bankers who have left EFG since the takeover or who moved just before it happened. NRI specialists Nikhil Arora, Reena Badlani, Prashant Goel, Ravi Manot and Shagun Tyagi all joined Julius Baer last year, for example.
“The main reason for the departures is that many of the RMs’ clients had not heard of EFG, and some RMs felt its platform and credit policies were too conservative for NRI clients,” says Rahul Sen, a former Merrill Lynch private banker, now head of wealth management at search firm The Omerta Group
EFG operates a “flat structure” with no team heads, allowing each banker to run their own P&L, says Sen. “As a result, some desk heads and team leaders from BSI have not fitted in well at EFG and have decided to move.”
Choudhury is not the only ex-BSI relationship manager to end up at Stan Chart. NRI banker Apurva Kothari moved there in June as a managing director, after a nine-month stint at Julius Baer.
Stan Chart is on somewhat of a hiring spree in the NRI sector this year. Abhijit Shetty also joined the bank, from DBS, as a director last month.
Away from NRI, Stan Chart has recruited more than 50 experienced private bankers and advisers since the final quarter of 2016. It September, for example, it took on Jack Wu and Pauline Ko, from HSBC and Deutsche Bank respectively, as Hong Kong-based MDs covering Greater China.
Despite losing some of its bankers over the past year, EFG is still expanding its Singapore headcount. Kong Eng Huat, CEO of EFG’s Singapore unit, told Channel News Asia in August that the bank’s 200-strong local workforce would continue to grow.
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