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Standard Chartered announces a reorganization into fewer but larger units and also confirms the exit of its global wealth head.
Effective January 1 next year, Standard Chartered will combine the private banking business with retail banking and wealth management in a new consumer, private and business banking (CPBB) unit, according to a statement. The current regional chief executive of ASEAN and South Asia, Judy Hsu, will lead the CPBB unit.
This combined business will grow the group’s affluent client base, further develop innovative digital banking solutions for mass-market and small businesses, and deliver further efficiencies, the bank said in a statement.
The bank also confirmed the exit of former private banking head Didier von Daeniken, whose role will be overseen by Hsu in the interim until a new permanent appointment has been made.
Under on Daeniken’s leadership the private bank returned to profitability in 2019 and was the bank’s fastest-growing segment, the statement said.
With substantially upgraded digital products and services and improved productivity, we have strong foundations and good momentum. We will bring together our private bank with our priority banking business under Hsu’s leadership, while retaining their separate brands and propositions, to accelerate growth and create an affluent client continuum to better serve our clients.
The CPBB unit will be organized around two client groups and two regions. In addition to Hsu’s temporary role as the head of private and priority banking, Vishu Ramachandran will lead personal and business banking. Wealth Management will continue to be led by the newly appointed ex-Bank of Singapore executive Marc Van de Walle.
Regionally, Samir Subberwal will lead CPBB for Asia while Kariuki Ngari will lead CPBB for Africa, the Middle East and Europe, in addition to his Kenya and East Africa CEO responsibilities, also until a permanent appointment has been made.
In addition, Rosalind Ng will lead client experience and strategic business enablement.
In Asia, the bank is also combining its three regional units – ASEAN, South Asia alongside Greater China and North Asia (GCNA) – into a single one led by Ben Hung, currently GCNA chief. The unit is made of cluster CEOs who will be joining the Asia management team alongside Samir Subberwal, GCNA retail banking head; Paul Skelton, global head, client coverage, commercial, corporate and institutional banking; and John Tan, global head, financial markets regions.
In north Asia, cluster CEOs include Jerry Zhang for China and Japan; Mary Huen for Hong Kong, Taiwan and Macau; Park Jong Bok for Korea; and Anthony Lin for the Greater Bay Area.
And in the south and southeast Asia region, the bank named as cluster CEOs Zarin Daruwala for India and South Asia Markets (Bangladesh, Nepal and Sri Lanka); Andrew Chia for Indonesia and ASEAN Markets (Australia, Brunei and the Philippines); and Patrick Lee for Singapore and ASEAN Markets (Malaysia, Vietnam, Thailand).
CEO of Europe and Americas, Torry Bernsten, has also been named as chief of the former market and the U.K.
Steve Cranwell will succeed Bernsten as CEO of the Americas and report to him.
