Standard Chartered picks new regional heads amid investment banking reshuffle, source says
Reuters
Published Apr 02, 2024 13:27
Updated Apr 03, 2024 10:40
(This April 2 story has been corrected to fix the headline and paragraph 1, removes reference to CIB to show new appointments are for hubs' overall operations in paragraphs 4,5)
DUBAI (Reuters) - Standard Chartered (LON:STAN) has picked new regional heads, according to a person with knowledge of the matter, as the Asia-focused bank undergoes a major management reshuffle in its corporate and investment banking business (CIB) business.
The new appointments are intended to allow the bank to serve more clients, as well as promote internal talent, the person said.
Torry Berntsen was named executive vice-chairman for CIB Europe, Americas, the Middle East & Africa, the person said.
Steve Cranwell will head operations for the United States, Europe and the Americas, Kariuki Ngari for Kenya and Africa, while Rola Abu Manneh will oversee the United Arab Emirates as well as the wider Middle East region and Pakistan.
Under the same organizational reshuffle, which Bloomberg reported earlier on Tuesday, Zarin Daruwala will lead the business in India and South Asia while Patrick Lee will oversee Singapore and the ASEAN hub.
"We're reducing complexity and sharpening the focus on driving strong, sustainably higher returns through each business line," Standard Chartered said in an emailed statement. "For CIB, that includes greater connectivity between product and geography, and positioning ourselves to do more business with our clients."
The moves follow Standard Chartered's announcement last month that banker Simon Cooper, who had been seen by some investors as a potential successor to group CEO Bill Winters, was leaving the firm and that Roberto Hoornweg and Sunil Kaushal would take over as co-heads of corporate and investment banking.
Sources had previously described the reshuffle push as an attempt by Winter to refresh the bank's top talent as he bids to enhance returns and execute a strategy overshadowed by China's poor economic outlook.
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Written By: Reuters
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