EFG International has poached from rival Julius Baer for its top Hong Kong job. The hire follows a shake-up as EFG's long-standing head in Singapore heads into retirement.
The Swiss private bank said it is hiring Julius Baer banker Richard Straus to run its private bank in Hong Kong. Straus has been group head for China, Hong Kong, and Taiwan at Julius Baer for the last three years. EFG is also promoting of Oliver Balmelli (pictured below) as its head of private banking in Singapore.
The twin appointments, first reported by industry portal «Asian Private Banker», represent a shuffle following the planned retirement of Eng Huat Kong, EFG's head in Singapore for the last seven years, at year-end. Kong oversaw the merger in Singapore of Banca della Svizzera Italiana, or BSI, which closed last year.
The acquisition mushroomed in complexity and risk when BSI was ensnared in the 1MDB scandal and shut down in Singapore mid-way through the deal.
Profitable Asia
EFG said it has already hired Kong's successor, who it didn't name, but said he or she will begin at the end of next month. «Eng Huat will continue to manage the Singapore branch until the new CEO of Singapore receives the necessary regulatory approval», EFG said in a statement.
The Swiss bank, which is majority-owned by Greece's wealthy Latsis family, views Asian entrepreneurs as a cornerstone of its strategy. The private bank is profitable in the region, where it manages roughly $20 billion in assets split between Singapore and Hong Kong, overall EFG Chief Executive Giorgio Pradelli said recently.
Bank Upgrade
Kong (pictured below) is a 38-year veteran of private banking in Asia and is also an adviser to two institutes set up 15 years ago by Singapore's two sovereign wealth funds to educate and certify professionals in the wealth management industry.
He is credited with upgrading EFG to a wholesale banking license four years ago. He also pushed discretionary investment services – a far more regular source of revenue for private banks than market-reliant trading income.
