Standard Chartered's India Unit Names Zarin Daruwala as CEO
November 17 2015 - 11:10AM
Dow Jones News
Standard Chartered's India unit said Tuesday it appointed a new
chief executive, after leaving the position vacant for months.
The lender said it appointed Zarin Daruwala as CEO of its Indian
operations, to replace Sunil Kaushal, who was earlier in the year
promoted to regional CEO for Africa and the Middle East.
Standard Chartered has been cutting its India exposure partly
because of a change in strategy after Bill Winters took over as the
London-based bank's CEO in June. The bank has indicated it will
further trim its business in India.
Like other banks in India, Standard Chartered has suffered from
the weight of bad loans. Of around $20 billion of loans that
Standard Chartered's India unit has outstanding, $1 billion worth
of loans are at risk of a potential default, according to a person
familiar with the matter.
"The external environment in India is quite challenging at the
moment and we are seeing stress across the banking sector," a
spokesman for the bank said Tuesday. He said that some of the
bank's new measures will allow it to continue to support the
development of its Indian customers.
Ms. Daruwala is currently president of the Wholesale Banking
Group at ICICI Bank, one of India's largest banks, according to a
news release by Standard Chartered.
Write to Gabriele Parussini at gabriele.parussini@wsj.com and
Shefali Anand at shefali.anand@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 17, 2015 10:55 ET (15:55 GMT)
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