Standard Chartered to shuffle key men in fresh rejig

A fresh round of senior-management reshuffle is underway at Standard Chartered Bank, India’s largest multinational bank, a source said.

Charles Corbett will shortly take over as managing director & regional head, capital markets, South Asia, replacing Prakash Subramanian K V, who will move to Indonesia as head of global markets and co-head of wholesale banking in South East Asia.

Corbett was recently promoted as managing director with additional responsibility for leveraged finance syndicate. He will move to India this month and will be responsible for loan syndications for South Asia.

In another senior level move, Sandeep Behl will operate out of India as Regional head of Financial Market Sales, South Asia.

The bank is focused on India and China — it even listed its Indian depository receipts, or IDRs, in the local stock exchanges — but is also eyeing emerging markets such as Indonesia for expansion. Indonesia, which prides itself on being budget surplus and on its growing foreign exchange reserves, recently saw its sovereign rating upgraded.

The source said the senior-management rejig is part of a major exercise being doled out in phases.

Earlier this year, the bank undertook a senior-management reshuffle that saw many executives, including some of Indian origin, being relocated elsewhere with more challenging responsibilities.

In February, the bank’s head of corporate banking in India, Arup Roy, was transferred to Singapore to head its strategic client coverage group.

Likewise, Peter Warbanoff, the country chief risk officer, was relocated from Hong Kong to India. Pradeep Rana took Warbanoff’ place in Hong Kong.

Also, Prahlad Shantigram, global head of mergers & acquisitions, was relocated to Singapore from India. He now drives the merger advisory business from Singapore.