Peter Sands named new StanChart CEO
Standard Chartered, a UK bank that makes two-thirds of its profit in Asia, named finance director Peter Sands as chief executive officer, to replace Mervyn Davies, who becomes chairman.
By Agencies |
LONDON: Standard Chartered, a UK bank that makes two-thirds of its profit in Asia, named finance director Peter Sands as chief executive officer, to replace Mervyn Davies, who becomes chairman.
Bryan Sanderson, 66, chairman since May ’03, is stepping down, the London-based company said on Monday in a statement. Richard Meddings, director for governance across Africa, Middle East, Pakistan and Europe and the Americas, becomes finance director.
The bank has been acquiring lenders across its Asian markets as it seeks to maintain high growth in the face of a possible slowdown in the region. In September it made a $1.2bn offer for Taiwan’s Hsinchu Bank, gaining 83 branches on the island.
That month it also completed the purchase of Pakistan’s Union Bank for $487m, in order to harness the country’s fast economic growth. The bank also increased its stake in Indonesian lender PT Bank Permata to 44.5% that month.
Standard Chartered’s $3.5bn acquisition of Korea First Bank last year helped raise first-half net profit, which advanced 14% to $1.1bn. Standard Chartered is ‘trading in line with guidance’ given on August 8, the lender said. The company also said it plans to appoint a deputy chairman.
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Shares of the bank declined 1% to 1,485 pence in the early morning trades in London, valuing the company at £20.6bn ($39bn).Download
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