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Ajay Kanwal to step down as StanChart's regional CEO, Asean and South Asia

Monday, November 28, 2016 - 16:18

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STANDARD Chartered on Monday announced the resignation of Ajay Kanwal, its regional CEO, Asean and South Asia, with immediate effect.

STANDARD Chartered on Monday announced the resignation of Ajay Kanwal, its regional CEO, Asean and South Asia, with immediate effect.

Mr Kanwal said in a statement: "The bank rightly sets very high internal standards on disclosures for all staff. After careful deliberation I felt that some of my internal disclosures about my historical personal investments in businesses outside the bank did not meet these very high standards.

"Though I do not own these investments anymore, as a senior leader my actions should be beyond reproach. Hence with regret I have decided to tender my resignation. I wish Bill and all my colleagues a very successful future."

StanChart chief executive Bill Winters said: "Ajay's historical personal investments in businesses outside the bank had no impact on our clients or the economic interest of the bank. He has elected to put the bank's interests above his own and I respect his decision to step down.

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"Ajay has had a 24-year long distinguished career with the bank and has done an outstanding job as the regional head. Along with my colleagues on the management team and his many friends across the bank, I wish him well for the future."

Anna Marrs will assume the role of regional CEO, Asean and South Asia, in addition to her existing role as CEO, commercial and private banking, subject to regulatory approval.

Mr Kanwal will assist Ms Marrs in transitioning to the new role.

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