Standard Chartered share price: Michael Benz to head private banking

on Feb 11, 2014
Updated: Apr 9, 2020
Listen Tuesday, February 11: Standard Chartered (LON:STAN) today appointed Michael Benz as head of its private banking unit. Shares in the Asia-focused bank have risen over 25.00p or two percent to 1,276.38p intraday.

Benz has a long track record in wealth management in Asia. He was most recently chairman for Asia at Swiss private bank Julius Baer and prior to that he was chief executive of Bank of America Merrill Lynch’s Asia-Pacific private banking business, where he oversaw the operations in Singapore, Hong Kong, Japan, India, Taiwan and California.
Benz will be based in Hong Kong and will report directly to Anna Marrs, who will assume the role of group head of commercial and private banking clients from April 1. “We are very excited to have Michael on board. Standard Chartered’s footprint markets are expected to account for 60% of the global growth in High-Net-Worth-Individuals’ personal financial assets over the next three years. We have a tremendous opportunity to capture this growth, leveraging both Michael’s private banking expertise and Standard Chartered’s strong starting position,” Marrs said.

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Standard Chartered’s focus on emerging markets has helped it steer through the financial crisis relatively unscathed but in December the bank warned that its 10-year record of earnings expansion would likely end (Standard Chartered share price: Finance director Meddings leaves amid reorganisation).

**Analysts on Standard Chartered**
Espirito Santo Investment Bank Research reduced its price target on Standard Chartered’s shares from 1,840.00p to 1,575.00p in an investors’ note on Monday. It currently has a ‘buy’ rating on the stock.
Seven equity analysts rate Standard Chartered as a ‘sell’, 16 give it a ‘hold’ rating and 13 are calling it a ‘buy’. The shares have a consensus rating of ‘hold’ and an average price target of 1,542.92p.

**As of 13.40 UTC buy Standard Chartered shares at 1,268.60p.**
**As of 13.40 UTC sell Standard Chartered shares at 1,268.40p.**
Trade stocks with Hargreaves Lansdown from £5.95 per deal.
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