Standard Chartered regional CEO resigns

Mr Ajay Kanwal, regional chief executive for Standard Chartered, has resigned after 24 years with the bank.
Mr Ajay Kanwal, regional chief executive for Standard Chartered, has resigned after 24 years with the bank. PHOTO: STANDARD CHARTERED

SINGAPORE - The regional chief executive for Standard Chartered, Mr Ajay Kanwal, has resigned, said the bank on Monday (Nov 28).

He steps down from his role as regional chief executive for Asean and South Asia with immediate effect, after 24 years with StanChart.

Singapore-based Ms Anna Marrs, chief executive of commercial and private banking, will take over the role, subject to regulatory approval.

Mr Kanwal said in a statement he felt some of his disclosures, about historical personal investments in businesses outside the bank, did not meet StanChart's "very high internal standards on disclosures for all staff".

"Though I do not own these investments anymore, as a senior leader my actions should be beyond reproach. Hence with regret I have decided to tender my resignation," he added.

StanChart chief executive Bill Winters said: "Ajay's historical personal investments in businesses outside the bank had no impact on our clients or the economic interest of the bank. He has elected to put the bank's interests above his own and I respect his decision to step down."