In his new role, Daeniken will lead SCB’s private banking and wealth management divisions with the objective to grow the two businesses and achieve a targeted asset under management growth of $25 billion by 2018.
Based in Singapore, Daeniken will report to Anna Marrs, the bank’s chief executive for commercial banking. Marrs will serve as interim head of private banking until March 2016, when Daeniken joins SCB. Judy Hsu will continue to lead the wealth management team in her capacity as CEO, Singapore.
Daeniken joins SCB from Barclays, where he had led the private banking division in Asia Pacific, the Middle East and Africa. Prior to this, Daeniken spent his career at Credit Suisse where he held senior positions in Zurich, Geneva, Dubai and Singapore.
As a result of this change, Michael Benz’s role as global head of private banking falls away. Benz will leave SCB and his last working day will be 18 December.
SCB noted that Daeniken’s role is subjected to regulatory approval.