StanChart Expands Hiring Efforts in Hong Kong

Standard Chartered plans to hire about 400 staff in Hong Kong this year as part of the ongoing expansion of its retail baking and wealth management business.

The Asia-focused lender’s hiring plans are part of its strategy to tap demand from affluent customers for wealth planning, according to a report citing Hong Kong head of consumer, private, and business banking Lay Choo Ong.

In addition to hiring, Standard Chartered is also planning to invest $26 million over the next three years to revamp its branches in the city.

The bank will look to add, relocate and close various branches with the aim of maintaining 70 in the city, according to a previous announcement by Hong Kong CEO Mary Huen.

Although branch visits at Standard Chartered fell 25 percent during the pandemic, the bank believes that demand remains for customers seeking to discuss more complex financial needs.

It is planning to open its second «Priority Private Center» in the city this year as well as three green branches for paperless services, likely in the third or fourth quarter, as part of a pilot project.

According to Ong, assets under management in Hong Kong-registered double-digit growth in the first quarter while wealth management fund flows doubled the annual average in 2020.