Murtaza Gilani and Hussain Poonawalla were appointed as managing directors/team leaders for the GSAC team.
Both will report to Srinivas Siripurapu, regional head for Asean and South Asia.
Gilani has experience in wealth management for high net worth clients in South Asia and the Middle East. Prior to the appointment, he was a senior vice president at DBS. He has held senior positions in other financial institutions like Samba Financial Group and NIB Bank, a subsidiary of Temasek.
Before joining Standard Chartered, Poonawalla worked at DBS for around 11 years as vice president and relationship manager, managing portfolios of private banking clients across Singapore, Africa and the Middle East, according to his Linkedin profile.
Standard Chartered also added six relationship managers to the team.
They are Rahul Chowdhury, Sujit Pillai, Richu Singh, each with the title of executive director and relationship manager. Rahul Gopalakrishnan, Sonam Gupta and Kunal Mukherjee have the title of director and relationship manager.
Singapore banks 1H results
In addition, the bank reported the financial results for the first half of 2018 last week. Income derived from the private banking division globally was $271m, up 12% year-on-year. Global assets under management increased 8% to $67.5bn.
Other private banking groups that are based in Singapore also announced their semi-annual financial results.
The Bank of Singapore, the private banking arm of OCBC Bank, increased AUM to $102bn as of the end of June from $99bn at end-2017.
The wealth management segment of DBS Bank grew AUM to $156.6bn, up 4% compared to December 2017.