StanChart winds down Swiss private banking division
(29 August 2016 – Europe) Standard Chartered's (StanChart) head of Swiss private banking, Mark Hirst is set to depart the firm following the closure of the unit last year, sources have told reporters.
Hirst's position had been made redundant when the British bank took the decision to exit Switzerland, moving client assets to other centers such as Dubai and London.
StanChart’s Geneva's offices will be maintained until next month. The bank has spent most of the last 18 months winding down, including paying a US$6.4 million fine to US authorities following tax investigations in the country last November.
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 centralising its trust business in Singapore.
His departure follows that of his boss and predecessor, Jeremy Parish who joined rivals Julius Baer in June.
Hirst's position had been made redundant when the British bank took the decision to exit Switzerland, moving client assets to other centers such as Dubai and London.
StanChart’s Geneva's offices will be maintained until next month. The bank has spent most of the last 18 months winding down, including paying a US$6.4 million fine to US authorities following tax investigations in the country last November.
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 centralising its trust business in Singapore.
His departure follows that of his boss and predecessor, Jeremy Parish who joined rivals Julius Baer in June.
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