StanChart names Rees deputy CEO

London

STANDARD Chartered has named Mike Rees deputy to chief executive officer Peter Sands as the UK bank, struggling with writedowns in South Korea, combines its corporate and consumer banking units to cut costs.

Chief financial officer Richard Meddings, 55, and Steve Bertamini, 49, head of the consumer banking unit that oversaw the Korean business, will both step down from the board and leave the company in the first half, the London- based bank said yesterday. Mr Rees, 57, joined the bank in 1990, was named to the board nine years later and appointed head of the corporate unit, the largest, in 2002.

Mr Meddings had responsibility for risk controls wrested from him last year at the request of regulators, while analysts said Mr Rees's promotion may pave the w…