 "StanChart names ex-JPMorgan chief PD Singh as India, South Asia CEO nominee")
Standard Chartered Bank (StanChart) has nominated former JPMorgan India chief PD Singh as its next CEO for India and South Asia, Reuters reported on Tuesday. The appointment is pending approval from the Reserve Bank of India (RBI), which has been approached by the Asia-focused lender for regulatory clearance.
If approved, Singh will succeed Zarin Daruwala, who is set to retire on April 1, 2025, after nearly a decade in the role. Singh brings extensive experience to the position, having held senior management roles at prominent banks, including HSBC, over the last two decades.
StanChart growth and expansion plans
The nomination comes as Standard Chartered pivots its strategy towards higher fee-earning businesses and wealth management. The bank is targeting $200 billion in new assets and double-digit income growth in its wealth business over the next five years, CEO of Wealth and Retail Banking Judy Hsu recently announced.
StanChart plans to capitalise on the growing demand from affluent clients in China and India with global financial needs. The bank reported a 40 per cent increase in assets under management from wealthy Chinese clients and a 20 per cent rise from wealthy Indian clients in the 12 months ending September.
The geopolitical environment, including the anticipated return of Donald Trump as US president and his potential tariff policies, is also creating opportunities for growth, particularly among Chinese firms exploring offshore operations.
Additionally, StanChart has plans to strengthen its wealth management division by increasing its team of relationship managers by 50 per cent by 2028. It also aims to enhance its branch network and invest in technology to attract new clients and improve service delivery.