GENEVA (Reuters) -- Asia-focused bank Standard Chartered said its recent purchase of American Express Bank (AEB) speeds up its wealth management rollout by about three years as it aims to employ about 450 private bankers.

""We'll have to execute well but if you look at the two organizations it's an incredibly good fit,"" Peter Flavel, head of Standard Chartered's private banking business, said at the Reuters Wealth Management Summit.
The AEB deal meets most of the bank's ""phase 2"" objectives, such as providing booking centers, discretionary portfolio management and trustee companies, he said.
Standard Chartered launched its private banking business in 10 locations in seven countries in Asia and the Middle East earlier this year. It is targeting a pool of high net worth individuals estimated at about 3 million, about a third of the global total.
The private banking launch, one of the biggest ever globally, gave the bank 150 relationship managers. The AEB deal adds another 120, taking the unit closer to its goal of 350-450 relationship managers in three to four years, Flavel said.
Standard Chartered announced last month it was buying AEB for about $860m. AEB's private bank arm has over 10,000 customers and had $22.5b in assets under management at the end of last year.
Standard Chartered and many of its rivals have pinpointed private banking for expansion as it has been the fastest growing area of financial services in recent years.
Flavel said the bank would consider more deals, but it was not a focus so soon after the AEB acquisition.
""We look at inorganic options and we're disciplined about that. They need to be strategically and financially compelling, add geographic expansion or people or product capabilities,"" he said.
Industry growth prospects remain strong despite competition to hire bankers in Asia and the impact of the credit crunch in global financial markets in August and September, Flavel said.
""Certainly there are some clients moving to cash and away from what they were in, but only some,"" he said, adding the bank was ""cautiously optimistic"" about markets but advising clients to prepare for increased volatility.
""Our advice to clients is watch it, be aware of it, have a heightened sense of awareness about the future, but it's not necessary to make any big changes now if you're investing for the long term,"" Flavel said.
Longer-term growth should be underpinned by the need for people to ""save now for consumption later"".
What drives the wealth management market? Well, you've got demographics working for you, people know they have to save more for themselves than in the past.
HNWIs have over $1m each in investable assets.