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Senior Figure At Standard Chartered In Asia To Retire
Tom Burroughes
26 April 2016
A senior figure within Standard Chartered's Asia business - an important region for the bank - is to retire. Standard Chartered said Lim will not be replaced. In other recent news, the bank reported in February that income from its private banking clients fell 9 per cent to $557 million and the lender saw weaker demand for its wealth management products, most notably in Hong Kong and Singapore during the second half of the year. Its wealth management income rose 2 per cent over the year to $1.7 billion as strong growth in the first half was largely offset by slower momentum in the second half.
Lim Cheng Teck, vice chairman of ASEAN at the UK-listed bank, is retiring from 1 May.
Upon his retirement, Lim will support Ajay Kanwal, the bank’s regional chief executive for ASEAN and South Asia, as senior advisor. In that role he will focus on key client relationships, reports said. He also retains his role as president commissioner of PT Bank Permata Tbk in Indonesia.