[MUMBAI] Standard Chartered Plc, which generates most of its income from emerging markets, appointed Topsy Mathew as corporate finance head for South Asia and the Association of Southeast Asian Nations.
Mathew, who was mergers and acquisitions head for South Asia, the Middle East and North Africa, will retain his position overseeing South Asian M&A, Standard Chartered said in an e-mailed response to questions Thursday. He replaces Saurabh Agrawal, who is leaving the UK bank, people with knowledge of the matter said, asking not to be identified as the information is private.
Agrawal, 46, is leaving just months after being given responsibility in October for the Asean region in addition to his role as South Asia corporate finance head, according to the people. He joined Standard Chartered in 2011 from Bank of America Corp, where he was a managing director and head of India investment banking.
Standard Chartered has seen its expansion in emerging markets like India lead to a surge in bad debts. Chief Executive Officer Bill Winters has announced about 15,000 job cuts since taking over from Peter Sands in June and said the bank will restructure or exit about US$100 billion of assets.
David Law, who is currently head of corporate finance for Africa and the Middle East, will take on additional responsibility for mergers and acquisitions in that region after Mathew's promotion, according to the bank's statement.
Kunal Pradhan, a Mumbai-based spokesman for Standard Chartered, declined to comment on Agrawal's departure.