In a major reshuffle of its top deck, Standard Chartered Bank today appointed Ajay Kanwal as head of the ASEAN & South Asia region including India and will also appoint a new chief executive for India operations as its present CEO Sunil Kaushal, will lead the Africa and Middle East business. As part of the changes Mr. Winters will assume responsibility for all three client businesses from Mike Rees, the bank’s deputy chief executive. He remains as Regional CEO South Asia and India CEO until this date. Proposals are expected to be delivered by the end of the year.
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Under the new structure, effective October 1, a management team of 13 will oversee the bank’s activities, with the managers reporting to Mr. Winters.
On the new regional and business structure, Group CEO Winters said: “The group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability, and speed up decision-making”.
Standard Chartered Group in a statement said that the restructuring of regions and client businesses will help in simplification of its organisational structure and quicken decision making.
Greater China & North Asia, including Hong Kong, China, Korea, Japan, and Taiwan, led by Ben Hung.
The bank managed to escape the recession relatively unscathed and achieved a decade of unbroken profit growth until 2013, but since then it has seen profits fall and its share price plunge in the past two years.
He led the establishment Standard Chartered’s Capital Markets business in Saudi and the Bank’s strategic organic entry into Iraq; both these countries are now strong contributors to the regional performance.
Having worked and lived in the Middle East for over 20 years, Christos is committed to the region and its strong growth potential. The group’s financial reporting will be based on the new structure from January 1, 2016, Standard Chartered said.
Tracy Clarke would be chief for Europe & Americas.
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Aparty from this the lender has also announced regrouping its client businesses under three heads – Corporate and Institutional Banking, Retail Banking and Commercial and Private Banking.
