Standard Life is expanding its Asian operations, and expects to add up to 33 jobs in Hong Kong and Singapore by the end of this year, with further planned as the business spreads its wings across the region.
Standard Life, which has been in Hong Kong for about a decade, received a license to operate in Singapore in October 2012. Hong Kong currently employs around 130 people and 12 employees are based in the Singapore office.
Neal Armstrong, CEO of Standard Life Singapore, says the business is planning to boost its customer-facing operations in the region. The vacancies, which range from junior customer service staff to senior risk people, are open to candidates of all nationalities. Armstrong says Standard Life is willing to consider applications from various backgrounds, adding that people with banking experiences have strong relationship management capabilities and would be a good fit.
In line with industry norms, Standard Life does not offer relocation or “expat” packages, but Armstrong says the incentives, such as bonuses, are competitive, “in the top quartile and even top decile”.
The current hiring round is likely to be followed by further expansion and more jobs. The Singapore hub will focus on building market share and writing new business in the Lion City, and will later look further afield into other countries in South East Asia.
Hong Kong will focus on expansion into northern Asia. Both the Singapore and Hong Kong offices have plans to move into larger premises to accommodate planned growth in the region.
Standard Life’s current businesses within Asia also include its joint-venture businesses in China and India. In the first quarter of the company’s current financial year, the three months to March 31, the Asia and emerging markets division reported new business premiums of £306m, up 15% from the same quarter in 2012.