StanChart appoints former SBI chief Bhatt as board member

The appointment of 61-year-old Bhatt, as an independent non-executive director, would be effective from January 1, 2013.

"Bhatt is a career banker with over 30 years banking experience and retired as Chairman of the State Bank Group in 2011," StanChart said in a statement.

State Bank Group includes SBI, India's largest commercial bank and five associate banks.

He is among the four new independent non-executive directors appointed by StanChart as part of efforts to enhance the experience, depth and diversity of its board.

"We are adding significant banking, financial and risk management experience to the board as well as increasing its diversity.

"These individuals will be excellent additions to the board bringing with them a wealth of experience from some of our largest markets, including India, Hong Kong, China and Taiwan," StanChart board chairman Sir John Peace said.

The three other new directors are Lars Henrik Thunell, Margaret Ewing and Louis Chi-Yan Cheung. The appointments of Thunell and Ewing would be effective from November 1, 2012, that of Bhatt and Cheung would be from January 1, 2013.

"We are taking a long-term, strategic, forward-looking approach to refreshing the board, balancing our need both to maintain longevity and stability on the Board whilst regularly refreshing its composition," Peace said.

Bhatt is already serving on boards of Tata Consultancy Services, ONGC and Hindustan Unilever Ltd.

"He has extensive banking, financial services and leadership acumen with deep knowledge and experience across India, one of our largest markets," the statement said.

Bhatt had also headed the Indian Bank's Association.

Earlier today, UK-based global banking giant HSBC Holdings Plc said that N R Narayana Murthy, co-founder of IT giant Infosys would retire as its director at the end of 2012.