Standard Chartered (HKG:2888) is considering re-establishing its private banking operations in Switzerland as part of plans to expand services for wealthy clients, Bloomberg News reported Tuesday, citing people familiar with the matter.

The people told the news agency that the lender is assessing reopening a Geneva office, though a return is unlikely before 2027, the report said.

The move would mark a potential reversal roughly a decade after Standard Chartered exited its Swiss private banking business, having failed to find a buyer, Bloomberg said.

During the time, Standard Chartered was in the midst of a major restructuring, shedding dozens of non-core businesses as it shifted focus toward faster-growing markets in Asia, the Middle East, and Africa, it added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)