(ShareCast News) – The new chief executive of Standard Chartered will this week announce a number of changes affecting senior management at the bank.
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The Group will be overseen by a new 13 strong Management Team reporting to Bill Winters, and comprising the three Group Executive Directors, plus client and regional CEOs and functional heads.
“The group needs to kick start performance, reduce its cost base and bureaucracy, improve accountability and speed up decision making”.
The India CEO will be reporting to Kanwal who will be based out of Singapore. However, with its gross NPA ratio increasing to 8.9% from 7.82% at the end of March 2014, the bank had the second-largest gross NPA ratio among Indian banks for the year ended 31 March.
The bank added that a new CEO for India will be appointed and announced in due course and this role will report to Ajay Kanwal from October 1, 2015.
Standard Chartered Plc has announced the simplification of its organisational structure that will improve accountability, speed up its decision making process and reduce bureaucracy. He remains the CEO of Menap until September 2015, the statement said.
Under the new regional structure, Greater China & North Asia, which includes Hong Kong, China, Korea, Japan and Taiwan, will be led by Ben Hung. Over the last five years as the CEO for MENAP, and under his leadership, Christos Papadopoulos has successfully positioned the UAE as one of the top contributors of income and profit to the Bank.
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.
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Meanwhile, Winters will assume responsibility from Rees for its corporate and institutional banking, commercial and private banking and retail banking arms at the beginning of October, while Rees will take control of brand and marketing and chief financial officer Andy Halford will take responsibility for group investor relations, corporate real estate services and global sourcing.
