Meanwhile, it has been learnt that ICICI Bank has elevated Vishakha Mulye, who is now Managing Director and Chief Executive of ICICI Ventures, as the head of its wholesale banking group, filling in the vacancy created by Daruwala.
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StanChart’s loan impairment in India stood at $483 million in the first half of this year against $56 million a year ago. Anurag Adlakha will continue as Acting CEO, India, alongside his existing responsibilities as CFO, India, until Daruwala takes up her appointment (subject to regulatory approval).
Standard Chartered, which generates most of its income from Asia, has seen its expansion in emerging markets like India lead to a surge in bad debts.
ICICI Bank’s head of corporate banking division Zarine Daruwala has quit the Mumbai based lender to join United Kingdom base Standard Chartered as its India CEO, two people familiar with the development said. “I am confident she will build on our more than 150 years of history and our leading position as the India’s largest foreign bank”, Kanwal added. She joins State Bank of India chairman Arundhati Bhattacharya, ICICI Bank CEO Chanda Kochchar and Axis Bank CEO Shikha Sharma in the list.
It now made a decision to drive retail banking in Asean and South Asia to turn around its performance.
The British lender has reported an operating loss of $139 million in the third quarter.
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Earlier this month, Standard Chartered CEO Bill Winters had announced plans to cut 15,000 jobs and raise $5.1 billion by selling new shares as part of a revamp to restore profitability after three years of falling profits.
