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Standard Chartered targets Asian private wealth

Standard Chartered investment bank is to launch a new private banking initiative in Singapore and Hong Kong, and is in the process of hiring private bankers for the push.

The initiative will see the bank target clients with $200,000 and above in Asia, and will then be rolled out more widely, theFinancial Times reports.

The London-based bank sold its private banking business to UBS ten years ago, but now plans to rebuild the business during the first quarter of 2007.

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