Dubai:Standard Chartered, a leading international banking group with significant presence in world’s leading emerging markets, has overhauled its regional business structure, making its Africa Middle East region a major part of its new simplified organisational structure.
At the global level the banking group has also announced a new management team to lead and run the group, led by Bill Winters, Group Chief Executive. The management team will deliver a plan to address the future performance of the group by the year end, and put in place the new structure.
The group’s new geographical structure will rationalise the eight existing regions into four new regional businesses such as Greater China & North Asia, Asean & South Asia, Africa & Middle East and Europe & Americas.
The new simplified organisational structure is expected to improve accountability, speed up decision making, reduce bureaucracy and play a key part in delivering the previously announced US$1.8 billion of cost savings by the end of 2017.
“The Group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability, and speed up decision making. The new structure will help achieve all of these critical objectives and will be in place as we communicate a comprehensive plan to address the Group’s performance by the year end,” said Bill Winters, Group Chief Executive said in a statement
Africa & Middle East, which includes Southern, West and East Africa, Pakistan and the UAE, led by Sunil Kaushal, the current CEO of Standard Chartered India and South Asia CEO. He will move to the new role as Regional CEO, Africa & Middle East, effective from October 1, 2015. He remains as India CEO until this date. A new CEO for India will be appointed and announced in due course.
Christos Papadopoulos, the current regional CEO, Middle East, North Africa and Pakistan (MENAP) will leave the organisation by the end of the year once a smooth transition has taken place. He remains the CEO of MENAP until 30 September 2015. Over the last five years as the CEO for MENAP, and under his leadership, Christos Papadopoulos has successfully positioned the UAE as one of the top contributors of income and profit to the Bank.
Christos is also Chairman of Saadiq, the Bank’s Islamic Banking business. He led the establishment of Standard Chartered’s Capital Markets business in Saudi and the bank’s strategic organic entry into Iraq; and led the turnaround of Pakistan and Jordan.
Departure of Christos follows resignation of a number of key executives who have left Standard Chartered during the past six months. Earlier this year Viswanathan Shankar, the Dubai-based head of its business in Europe, the Middle East, Africa and the Americas resigned. Mohsin Nathani, the UAE CEO of the bank resigned in the first week of April.
The simplified organisational structure will be phased in from October 1, 2015, and will be fully in place by January 1, 2016. The Group’s financial reporting will be based on the new structure from January 1, 2016.
Under the new regional structure, Greater China & North Asia, which includes Hong Kong, China, Korea, Japan and Taiwan, will be led by Ben Hung. Asean & South Asia region, which includes Singapore, Malaysia, Indonesia, India and Bangladesh, led by Ajay Kanwal; and Europe & Americas, including the UK and the US will be led by Tracy Clarke.
At the global level, the Group’s current structure of three client businesses supported by five product groups will be simplified, with each product now reporting into the client segment with which it has the most relevant connection. The Corporate & Institutional Banking (C & IB) will include transaction banking, corporate finance and financial markets, and will be led by Mark Dowie. Commercial & Private Banking will include wealth management and will be led by Anna Marrs and retail banking that includes retail products will be led by Karen Fawcett.