DUBAI (Reuters) – Standard Chartered (OTC:) has picked new regional heads for its corporate and investment banking (CIB) business, according to a person familiar with the matter, as the Asia-focused bank goes through a major management reshuffle .
The new appointments are intended to allow the bank to serve more clients, as well as promote internal talent, the person said.
Torry Berntsen has been named executive vice president for CIB Europe, Americas, Middle East and Africa, the person said.
Steve Cranwell will head CIB operations for the United States, Europe and the Americas, Kariuki Ngari for Kenya and Africa, while Rola Abu Manneh will oversee the United Arab Emirates, as well as the broader Middle East region and Pakistan.
As part of the same organizational reshuffle, which Bloomberg reported on Tuesday, Zarin Daruwala will lead CIB operations in India and South Asia while Patrick Lee will oversee Singapore and the ASEAN hub.
“We are reducing complexity and focusing on delivering strong, sustainable returns across each business line,” Standard Chartered said in an emailed statement. “For CIB, this includes greater connectivity across product and geography and positioning ourselves to do more business with our customers.”
The moves follow Standard Chartered’s announcement last month that banker Simon Cooper, who had been seen by some investors as a potential successor to group chief executive Bill Winters, would leave the company and that Roberto Hoornweg and Sunil Kaushal they would take on the role of co-managers of the company. and investment banking.
Sources had previously described the reshuffle as an attempt by Winter to refresh the bank’s top talent in a bid to boost returns and execute a strategy overshadowed by China’s poor economic outlook.