By Margot Patrick 

LONDON-- Standard Chartered PLC named former Spanish central banker Jose Viñals as its next chairman, after searching for more than a year to replace the outgoing John Peace.

Mr. Viñals will start in October and officially take over the role from Mr. Peace on December 1.

Naguib Kheraj, the Standard Chartered director who led the search for a new chairman, will become Mr. Viñals' deputy, the bank said.

Mr. Viñals, all but unknown in Britain, is currently the financial counselor and director of the monetary and capital markets department of the International Monetary Fund. He joined the IMF in 2009 after rising to deputy governor in a 25-year career at the Bank of Spain.

Standard Chartered announced in February 2015 that Mr. Peace would leave the bank in 2016. But the search dragged on for months longer than expected as candidates willing to globe-trot and help oversee the bank's restructuring proved thin on the ground.

(END) Dow Jones Newswires

July 27, 2016 11:13 ET (15:13 GMT)