Standard Chartered Loses Major China Private Banking Veteran

A longstanding Standard Chartered private banking veteran and 10 others have resigned from the British lender.

Boris Kwok, a seasoned Greater China team head at Standard Chartered’s private banking arm, exits after joining in 2003. His departure is accompanied by 10 others, all of whom are from the Greater China and North Asia (GCNA) team which Standard Chartered called the «top contributor» to its private banking business.

When contacted, a spokesperson for the bank confirmed the resignations but added that a majority of «very senior» private bankers remained with the firm and that it was «confident that the team will continue to provide superior client service.»

Kwok’s move follows the departure of Srinivas Siripurapu, former private banking regional head for ASEAN and South Asia, who was quickly replaced by Cedric Lizin, who joined from UBS, where he was last its Dubai-based wealth management head.

But despite its talent retention headwinds, Standard Chartered claims to have stayed on course in its hiring strategy. According to its spokesperson, the bank has hired 20 relationship managers year-to-date which is on track with expectations.