Published by FinNews Asia – Sunday 28th August 2016
Standard Chartered’s head of Swiss private banking is set to depart after the bank shut down the unit last year, a source familiar with the matter told finews.asia. The British bank’s brand will disappear from the Geneva banking landscape next month. The trust business is going to be centralized in Singapore.
Mark Hirst,Standard Chartered’s head of private banking in Switzerland, will leave the bank towards year-end, a source familiar with his plans told finews.asia. His boss, Jeremy Parrish, had preceded him, defecting for Julius Baer in June.
Hirst’s job had been made redundant when Standard Chartered decided to wind down the unit and exit Switzerland, moving client assets to other centers such as Dubai and London.
Hirst is also head of the bank’s trust and fiduciary arm in Guernsey, which is in the process of being wound down. Standard Chartered is centralizing its trust business in Singapore.
Guernsey Shutter
The bank’s Geneva’s offices, on exclusive Rue du Rhone, will be maintained until next month. Standard Chartered spent most of the last 18 months winding down, including paying a $6.4 million fine to U.S. authorities in a U.S. tax investigation last November.
