People Moves

Standard Chartered Restructures, Global Private Banking Head To Depart

Tom Burroughes, Group Editor, 18 November 2020


The bank said it is adopting a more streamlined and "leaner" business structure and intends to capitalise on opportunities it sees in Asia and other regions.

(Story headline clarifies that von Daeniken is leaving after a handover of responsibilities and is still with the bank until a handover. The original headline and story said he had left.)

Standard Chartered today announced sweeping changes to its structure, including private banking, combining that business with retail banking and wealth management. The bank also confirmed that Didier von Daeniken, who was made global head, private banking, in March 2016, was leaving the UK-listed banking group. 

A spokesperson for Standard Chartered confirmed that von Daeniken was leaving to “pursue other opportunities.” 

Separately, another bank spokesperson in Asia today told this news service that von Daeniken would be leaving after a handover of his role.

StanChart set out the structure and senior roles under its new Consumer, Private and Business Banking (CPBB) business and Asia region, as well as a major appointment in the Europe and Americas regions. The new structures and related appointments are effective on 1 January 2021.

The CPBB business, to be led by Judy Hsu, who is regional chief executive, ASEAN and South Asia (ASA), folds together retail banking, private banking and wealth management operations. 

“This combined business will grow the group’s affluent client base, further develop innovative digital banking solutions for mass-market and small businesses, and deliver further efficiencies,” the lender said in a statement. 

Commenting on von Daeniken, the bank said: “Under Didier’s leadership the private bank returned to profitability in 2019 and was the bank’s fastest growing segment. With substantially upgraded digital products and services and improved productivity, we have strong foundations and good momentum. We will bring together our private bank with our priority banking business under Judy’s [Hsu’s] leadership, while retaining their separate brands and propositions, to accelerate growth and create an affluent client continuum to better serve our clients.”

New structure, leadership
CPBB will be organised around two client groups and two regions:

-- Vishu Ramachandran will lead personal and business banking; 
-- Judy Hsu will lead private and priority banking until a permanent appointment is made; 
-- Samir Subberwal will lead CPBB for the Asia region; 
-- Kariuki Ngari will lead CPBB for Africa, the Middle East and Europe, in addition to his CEO Kenya and East Africa responsibilities, until a permanent appointment is made; and 
-- Rosalind Ng will lead client experience and strategic business enablement.

Wealth Management will continue to be led by Marc Van de Walle. Vishu, Samir, Kariuki, Rosalind and Marc, will be members of Judy Hsu’s CPBB Management Team.

“CPBB will be one global business; our two client groups will be supported by teams of experts covering wealth management, retail solutions, digital and data analytics, and client experience that will help us deliver exceptional experiences and solutions to meet the distinctive needs of our client segments with greater speed and consistency,” Hsu said. 

New Asia region
The group’s new combined Asia region – to be led by Ben Hung, currently regional CEO, Greater China and North Asia – brings together the lender’s ASEAN and South Asia (ASA), and Greater China and North Asia (GCNA) regions. 

The cluster market CEOs are:

-- Jerry Zhang, Cluster CEO, China and Japan.
-- Mary Huen, Cluster CEO, Hong Kong, Taiwan & Macau.
-- Zarin Daruwala, Cluster CEO, India and South Asia Markets (Bangladesh, Nepal and Sri Lanka).
-- Andrew Chia, Cluster CEO, Indonesia and ASEAN Markets (Australia, Brunei and the Philippines).
-- Patrick Lee, Cluster CEO, Singapore and ASEAN Markets (Malaysia, Vietnam, Thailand and Rep Offices).
-- Park Jong Bok, CEO, Korea.
-- Anthony Lin, CEO, Greater Bay Area.

The cluster CEOs will form part of Ben Hung’s Asia Management Team. Joining the team are Samir Subberwal, Paul Skelton, global head, client coverage, commercial, corporate and institutional banking, and John Tan, global head, financial markets regions.

The above appointments are subject to regulatory approval where required.

Europe and Americas region
In addition to assuming leadership of the group’s Europe and Americas region as CEO, Europe and Americas, Torry Berntsen will become CEO, Europe and UK, and relocate to the UK. Steve Cranwell will succeed Torry as CEO, Americas, and will report to him.

Register for WealthBriefingAsia today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes