Peter Sullivan To Be Head Of Stanchart Integration Teams

Peter Sullivan, head of sales, corporate and institutional banking, Standard Chartered (Stanchart), based in Singapore, has been appointed the executive head of the joint integration teams which would have officials of ANZ Grindlays and Stanchart which are to decide the structure for the new consolidated organisation.

These task force teams would be reporting to their respective country managers and the final authority would rest with the executive head of the integration teams.

However, when contacted the Stanchart spokesperson declined to comment on the issue of Sullivan being appointed as executive head.

The first meeting of ANZ Grindlays and Stanchart officials took place on Thursday, May 4, regarding the task force teams and they are expected to meet regularly from now on to continue their due diligence.

 

Just a day before on May 3, Rana Talwar, chief executive of Stanchart had met with around 100 officials of the bank and laid open the principles of integration.

Sources said, it was expected that the name of the chief executive for Stanchart Grindlays would be announced within the next 30 days.

"In all likelihood, the chief executive would be an in house official and only in an exceptional case would an external person be chosen for the job," a source said.

Subsequently the five integration teams would decide on the 30-35 top positions in all the countries in the South Asian region. At the same time the five integration teams would also be deciding on the governance model for the new organisation. This entire process is expected to be completed by July 31, 2000.