TIDMSTAN
RNS Number : 5954Y
Standard Chartered PLC
10 September 2020
Standard Chartered sharpens focus on personal clients and
integrates its Asian network business
London, 10th September 2020 . Effective 1 January 2021, Standard
Chartered PLC (the Group) will update its organisation structure as
part of the ongoing execution of its refreshed strategy. The
changes are designed to grow the Group's affluent and retail
customer-facing businesses and more effectively deliver its unique
international network. This will create a leaner organisation and
improve the Group's ability to serve clients where it has
distinctive competitive advantages.
-- The Group's individual clients and related products (Retail
Banking, Private Banking, and Wealth Management) will be combined
within a new business - Consumer, Private and Business Banking
(CPBB) - led by Judy Hsu, currently Regional CEO, ASEAN and South
Asia. Judy's responsibilities will include growing the affluent
client base, for whom the Group manages assets worth over $200
billion, developing the Group's innovative mass-market digital
banking solutions, and delivering further efficiencies in the
combined business, in each case working closely with our Regional
CEO's. In her new role Judy will continue to be based in
Singapore.
-- The Greater China & North Asia and ASEAN & South Asia
regions will be combined into a new Asia region led by Ben Hung,
currently Regional CEO, Greater China and North Asia and CEO,
Retail Banking and Wealth Management. This will allow the Group to
better leverage its international network to facilitate increasing
trade and investment flows across the Asia region, while continuing
to pursue strategic opportunities in China's Greater Bay Area, and
to capitalise on the wealth and business opportunities ASEAN
presents. Ben will continue to be based in Hong Kong.
-- Tracy Clarke, Regional CEO, Europe & Americas and CEO,
Private Bank, will retire at the end of 2020 to focus on her
external board roles. The Group's business in the region
predominately enables corporate and institutional clients based
there to utilise its network through Asia, Africa and the Middle
East. As such Torry Berntsen who is currently CEO, Americas, will
assume Europe & Americas leadership. He will report into Simon
Cooper, head of the recently fully integrated Commercial Banking
and Corporate & Institutional Banking businesses and currently
CEO, Corporate, Commercial & Institutional Banking (CCIB).
Simon will continue to be based in Singapore.
Bill Winters, Group Chief Executive, said:
"These changes will further strengthen our business with
individual clients, supporting growth in all aspects of this
profitable and differentiated business. Separately, the increased
focus on connecting our Asian business will allow us to better
serve our corporate and institutional clients as they develop their
businesses across these dynamic markets.
These changes will lead to expansion of the scope and
responsibilities of several senior roles below the Group's
Management Team, improving management bench-strength and
accelerating our pursuit of a more diverse, performance-orientated
and innovative culture.
I would like to thank Tracy for her outstanding contribution to
the Group over three decades of service. She embodies the values
and spirit of Standard Chartered and we all wish her the very best
in what promises to be a busy next chapter."
Further information
Management changes below Judy, Ben and Simon will be announced
in due course.
The Group will report its results according to the current
structure with four segments and four regions for the remainder of
2020. From 1 January 2021 the results of the CCIB and CPBB segments
will be disclosed on the new combined basis, while the current
product, large market and regional basis of external reporting will
remain the same.
Further information will be given at the Group's 3Q'20 results
on 29 October 2020.
With effect from January 1, 2021, the Group's Management Team
will comprise:
Bill Winters Group Chief Executive Officer
Andy Halford Group Chief Financial Officer
Simon Cooper CEO, Corporate, Commercial & Institutional
Banking and Europe & Americas
David Fein Group General Counsel
Michael Gorriz Group Chief Information Officer
Judy Hsu CEO, Consumer, Private and Business Banking
Ben Hung Regional CEO, Asia
Tanuj Kapilashrami Group Head, Human Resources
Sunil Kaushal Regional CEO, Africa and the Middle East
Tracey McDermott Group Head, Corporate Affairs and Brand &
Marketing and Group Head, Conduct, Financial Crime &
Compliance
Alison McFadyen Group Head, Internal Audit (Permanent Invitee)
Mark Smith Group Chief Risk Officer
David Whiteing Group Chief Operating Officer
-ends-
For further information, please contact:
Media: Jon Tracey +44 207 885 7613
Investors: Mark Stride +44 207 885 8596
Standard Chartered
We are a leading international banking group, with a presence in
60 of the world's most dynamic markets and serving clients in a
further 85. Our purpose is to drive commerce and prosperity through
our unique diversity, and our heritage and values are expressed in
our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong
Stock Exchanges.
For more stories and expert opinions please visit Insights at
sc.com . Follow Standard Chartered on Twitter , LinkedIn and
Facebook .
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