StanChart Singapore's new CEO takes over on Oct 1

Judy Hsu
Judy HsuPHOTO: STANCHART

British lender Standard Chartered Bank has named a new Singapore chief executive.

Ms Judy Hsu will take over from Mr Neeraj Swaroop on Oct 1, it said in a statement yesterday.

Ms Hsu, who is now StanChart's group head of wealth management, will report to Mr Ajay Kanwal, regional chief executive of Asean and South Asia.

Mr Swaroop, who has spent 10 years at the bank, resigned after turning down the offer of a job overseeing StanChart's business in India, reported Bloomberg.

This comes after the bank announced a major shake-up in July, including phasing in a new management structure from Oct 1.

Ms Judy Hsu has spent more than 25 years in finance, including the past 16 years in wealth management, retail and private banking. She joined the bank in 2009.

The new structure will have heads of major business units reporting directly to StanChart chief executive Bill Winters, who took over in June intending to take more direct responsibility for the bank's biggest business divisions.

The moves are part of Mr Winters' plans to restore the bank's fortunes.

Even before senior management shake-ups, StanChart was already working on cost-cutting measures.

In January, it announced plans to close its global equities business and axe 4,000 jobs in retail banking.

Ms Hsu has spent more than 25 years in finance, including the past 16 years in wealth management, retail and private banking. She joined the bank in 2009.

StanChart said the Singapore business will focus on using the country's regional treasury centre status and wealth management hub and "tapping on emerging trade flows and harnessing our cross-border expertise" to help clients.

Mr Kanwal said: "The appointment of Judy further highlights our focus on leveraging Singapore as an international financial centre and as a gateway to Asia."

He noted that the bank is highly committed to Singapore, where many of its global teams are based, and it is a strong talent base for StanChart's business.

A version of this article appeared in the print edition of The Straits Times on September 08, 2015, with the headline 'StanChart Singapore's new CEO takes over on Oct 1'. Print Edition | Subscribe