 "StanChart India remains without a CEO")
Standard Chartered Bank in India continues to remain with a chief executive officer (CEO), a month after its previous CEO, Sunil Kaushal, moved on to lead the Africa and Middle East business.
People familiar with the development said the new India CEO was supposed to be appointed from October 1. However, the bank has not been able to zero in on a successor till now.
“The new CEO was expected to take over from last month itself but they are yet to decide on who will be the right person and so the position continues to remain vacant. Since the calendar year closing for the bank is in December, we are hoping that the bank will get a CEO soon,” said a banker privy to the information. Standard Chartered refused to comment on the issue.
The announcement that Kaushal will move to lead the Africa and Middle East business had come in July and therefore the hunt for the new CEO had begun soon after.
However, the appointment is yet to be made.
As a part of the global announcement, the bank has said it will be focusing to grow its business in Africa. Therefore, it was probably on the back of this strategy that Kaushal had been given charge of the business as at the moment that business is more important than India, said a source.
“Investing to grow our business in Africa, building on our strong brand, where the opportunities are significant,” was outlined as a key objective by the bank in a release.
In a boardroom and organisational restructuring the bank has reorganised the current eight business regions into four in order to improve efficiency.
As a part of this, India is now a part of the ASEAN & South Asia region which is now headed by Ajay Kanwal.
People familiar with the development said the new India CEO was supposed to be appointed from October 1. However, the bank has not been able to zero in on a successor till now.
“The new CEO was expected to take over from last month itself but they are yet to decide on who will be the right person and so the position continues to remain vacant. Since the calendar year closing for the bank is in December, we are hoping that the bank will get a CEO soon,” said a banker privy to the information. Standard Chartered refused to comment on the issue.
The announcement that Kaushal will move to lead the Africa and Middle East business had come in July and therefore the hunt for the new CEO had begun soon after.
However, the appointment is yet to be made.
As a part of the global announcement, the bank has said it will be focusing to grow its business in Africa. Therefore, it was probably on the back of this strategy that Kaushal had been given charge of the business as at the moment that business is more important than India, said a source.
“Investing to grow our business in Africa, building on our strong brand, where the opportunities are significant,” was outlined as a key objective by the bank in a release.
In a boardroom and organisational restructuring the bank has reorganised the current eight business regions into four in order to improve efficiency.
As a part of this, India is now a part of the ASEAN & South Asia region which is now headed by Ajay Kanwal.
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