(Alliance News) - Standard Chartered PLC on Thursday unveiled a new-look personal banking unit, which has led to series of leadership changes for the bank's Asian operations.
The lender's individual clients - which encompass Retail Banking, Private Banking, and Wealth Management - will be combined within a new business, Consumer, Private & Business Banking.
The newly formed unit will be run by Judy Hsu, currently regional chief executive officer of ASEAN & South Asia region.
Her new responsibilities, StanChart said, will include growing its affluent client base, for whom it manages assets worth over USD200 billion, developing its mass-market digital banking solutions, and delivering "further efficiencies" in the new combined business. Hsu will continue to be based in Singapore, StanChart noted.
Hsu's old role will be folded into the remit of current chief of Greater China and North Asia Ben Hung. Hung is also current chief executive of Retail Banking & Wealth Management, which is being merged into Hsu's new unit.
The moves, StanChart said, will make it a "leaner" bank.
"This will allow the group to better leverage its international network to facilitate increasing trade and investment flows across the Asia region, while continuing to pursue strategic opportunities in China's Greater Bay Area, and to capitalise on the wealth and business opportunities ASEAN presents," the lender said.
Chief Executive Bill Winters added: "These changes will further strengthen our business with individual clients, supporting growth in all aspects of this profitable and differentiated business. Separately, the increased focus on connecting our Asian business will allow us to better serve our corporate and institutional clients as they develop their businesses across these dynamic markets."
On top of the moves in Asia, StanChart said its Europe & Americas regional chief Tracy Clarke, who also runs the lender's private bank, is retiring at the end of 2020. The lender said she plans to focus on her external board roles.
"The group's business in the region predominately enables corporate and institutional clients based there to utilise its network through Asia, Africa and the Middle East," StanChart said.
Current Americas Chief Executive Torry Berntsen will now be handed the bank's European operations, too.
He will report to Simon Cooper, head of the recently fully integrated Commercial Banking and Corporate & Institutional Banking businesses and currently CEO of Corporate, Commercial & Institutional Banking.
"These changes will lead to expansion of the scope and responsibilities of several senior roles below the group's management team, improving management bench-strength and accelerating our pursuit of a more diverse, performance-orientated and innovative culture," Winters added.
StanChart will report its results according to the current structure with four segments and four regions for the remainder of 2020. From January 1, 2021 the results of the newly-formed CCIB and CPBB segments will be disclosed on the new combined basis, while the current product, large market and regional basis of external reporting will remain the same, the lender noted.
StanChart will offer further details in its third quarter earnings report, which is scheduled for October 29.
Shares in Standard Chartered were down 0.9% in London on Thursday morning at 383.40 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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