DUBAI – Standard Chartered has chosen new regional heads, according to a person with knowledge of the matter, as the Asia-focused bank undergoes a major management shake-up in its corporate and investment banking (CIB) business.
The new appointments are aimed at allowing the bank to serve more customers, as well as promote internal talent, the person said.
Torry Berntsen has been named executive vice president of CIB Europe, the Americas, the Middle East and Africa, the person said.
Steve Cranwell will lead operations for the US, Europe and the Americas, Kariuki Ngari for Kenya and Africa, while Rola Abu Manneh will oversee the United Arab Emirates as well as the wider Middle East region and Pakistan.
Under the same organizational reorganization that Bloomberg reported earlier on Tuesday, Zarin Daruwala will lead the business in India and South Asia while Patrick Lee will oversee Singapore and the ASEAN hub.
“We are reducing complexity and sharpening the focus on driving strong, sustainably higher returns across every business line,” Standard Chartered said in an emailed statement. “For CIB, that includes greater connectivity between product and geography, and positioning us to do more business with our customers.”
The moves follow Standard Chartered’s announcement last month that banker Simon Cooper, who was seen by some investors as a potential successor to group chief executive Bill Winters, was leaving the firm and that Roberto Hoornweg and Sunil Kaushal would take over as co-heads of corporate . and investment banking.
Sources previously described the reshuffle as an attempt by Winter to refresh the bank’s top talent as he bids to improve performance and implement a strategy overshadowed by China’s poor economic outlook.