Standard Chartered Appoints New CEO

Standard Chartered named Zarin Daruwala as new chief executive of its India operations.

Daruwala was president of the wholesale lending team at ICICI Bank Ltd.

Daruwala will report to Ajay Kanwal, regional CEO, ASEAN & South Asia at Standard Chartered.

In July, Standard Chartered had announced a revamp of its core management team. Sunil Kaushal, who was heading the India operations, was moved and appointed as regional chief for Africa and Middle East.

Daruwala, who had taken over as head of ICICI Bank’s wholesale banking team in July 2010, has led teams in corporate banking, project finance, structured finance, financial institutions, government and public sector banking, and has also helped build ICICI’s rural and agri-finance offering.

With 100 branches, Standard Chartered Bank has the largest network in the country among all foreign banks.

Standard Chartered’s India unit, which was one of the most profitable markets for the Asia-focussed bank a few years ago, has seen a sharp spike in loan losses in the last couple of years, denting its global balance sheet.