StanChart's private bank is 'open to acquisitions'

STANDARD Chartered Private Bank is open to growth via acquisitions, as the Asian private banking industry undergoes consolidation, said Rajesh Malkani, Standard Chartered's Private Bank head of North and Southeast Asia.

Speaking on the sidelines of a private-banking event yesterday, he said: "It's very challenging to make profits on a sustainable basis, . . . seeing some consolidation in the industry."

Asia's private-banking industry, while outstripping the rest of the world in growth, has always been a challenge, profit-wise, because of the shortage of experienced bankers and clients' preference in spreading their assets among three to four banks.