Standard Chartered Private Bank Head Exits

(Picture: Shutterstock)

Standard Chartered's head of Swiss private banking is set to depart. The British bank's brand will disappear from the Geneva banking landscape. The trust business will 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 its private bank, including paying a $6.4 million fine to U.S. authorities in a U.S. tax investigation last November.

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