LONDON (REUTERS) - Standard Chartered has named former deputy governor of the Bank of Spain Jose Vinals as its new Chairman, replacing the outgoing John Peace, the bank said on Wednesday.

Mr Vinals will join the bank as Chairman designate on October 3 and succeed Mr Peace on December 1, StanChart said.

The announcement ends a more than year-long search after the bank announced Mr Peace would step down in February last year.

The bank has also named Naguib Kheraj, who led the search for a new chairman at the emerging markets-focused lender, as its new deputy chairman.