Standard Chartered names ICICI’s Zarin Daruwala as India CEO

New Delhi: Standard Chartered Plc said it hired Zarin Daruwala, ICICI Bank Ltd.’s head of corporate banking, to run its operations in India. Daruwala, 50, will replace Sunil Kaushal, who vacated the role to become the regional chief executive for Africa and Middle East starting October 1, the UK-based lender said in a statement on Tuesday. She will report to Ajay Kanwal, regional CEO for Asean and South Asia and her appointment is subject to regulatory approvals, according to the statement. Standard Chartered, which generates most of its income from Asia, has seen its expansion in emerging markets like India lead to a surge in bad debts. Chief Executive Officer Bill Winters has revealed plans to cut about 15,000 jobs globally and exit or restructure about $100 billion of assets.