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Tuesday, March 24, 2015

Standard Chartered bank holds global board meeting in New Delhi

Amidst reports of Standard Chartered shifting its headquarter to Asia, the UK-based bank is having its two-day global board meeting here starting on monday, reflecting increased importance of India in its global framework.

As India is the third largest profit centre of the Standard Chartered, the board may also consider separating Indian operations into a subsidiary as the banking sector regulator RBI is encouraging global lenders to set up subsidiary.

In 2011, India emerged as the largest profit centre for the bank. The other two largest profit centres are China and Hong Kong.

This would be probably the last board meeting of its global CEO Peter Sands before demitting office in June.

"We have two board meets a year outside UK. In one year, the board met twice in Africa. In another year, we met at Singapore and Malaysia," a Standard Chartered official said.

In the past also, the board had its meeting in India. It was held some two years ago, the official added.

Asked about the agenda for the meeting, the official declined to comment.

It is very unlikely that the global management will meet the political leadership like Prime Minister, Finance Minister in Delhi, the official added.

Last month, Standard Chartered announced a massive overhaul of the global leadership team, including a new group CEO and a new head for its largest market, Asia, replacing Standard Chartered veteran Jaspal Bindra.

While former CEO of Wall Street major JPMorgan Bill Winters will replace the embattled incumbent group chief executive Peter Sands from June, the London-headquartered bank asked Bindra, the present chief executive of Asia to leave by April.

Bindra was also the country head of its India franchise. Under Sands' tenure, total assets of Standard Chartered nearly trebled to USD 690 billion in June 2014 from USD 266 billion in 2006.

The bank also said three longest serving independent directors will also step down from the board.

Standard Chartered was the first and only foreign entity to have raised funds from India by issuing Indian Depository Receipts (IDRs). It had issued 24 crore IDRs in 2010 with every 10 IDRs representing one ordinary shares. The bank raised Rs 2,490 crore from the issue.

Source : Economic Times


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