Viswanathan Shankar, group executive director & CEO of Standard Chartered Bank – Europe, Middle East, Africa and Americas, has put in his papers after spending almost one-and-a-half decade in the bank, to pursue other interests, according to a statement. His resignation is effective from April 30, 2015.
News agency Bloomberg reported citing Shankar that he is now floating an independent PE outfit.
He told the news agency that he has been toying with the idea to float a new PE firm having started the PE arm of Standard Chartered. Shankar added that the proposed fund would raise $1 billion and target companies in Asia, Africa and the Middle East.
His resignation comes amidst a raft of changes at the top management of the British bank. The bank is revamping its management team and has named Bill Winters, former joint head of investment banking at JPMorgan Chase and Co, as its new chief executive officer. StanChart's Asia head Jaspal Bindra is also moving out as part of a global reshuffle.
“It was a voluntary resignation, there was no question of strategic differences,” Shankar told Bloomberg.
Fifty-seven-year-old Shankar, based in Dubai, joined Standard Chartered in 2001 as group head of corporate finance. He was appointed group head of origination and client coverage in 2007 and promoted to his current role in 2010. In January 2012, he joined the board of the bank.
He holds a BSc degree in Physics from Loyola College, Chennai and a MBA degree from the Indian Institute of Management, Bangalore. Before joining Standard Chartered, he worked with Bank of America for 19 years.
Meanwhile, Standard Chartered announced more changes at its senior management by naming Jonathan Paul, the founder of Ardmore Park Capital, as group head of financial markets, Singapore; Sumit Dayal as group head- corporate finance and Mark Dowie, formerly group head for corporate finance and acting group head for financial markets, as vice-chair- clients and products. Paul and Dowie's appointments are effective April 7, 2015 while Dayal's from Wednesday.
Paul has over two-and-a-half-years of experience across Deutsche Bank, Goldman Sachs and Salomon Brothers in London, New York, Singapore and Hong Kong. He has held various leadership roles in financial markets and investment banking. In 2008, he founded Ardmore Park Capital and ran the hedge fund business as CEO and chief risk officer.
Dayal will continue to be based in Singapore. He takes over from Dowie.
He joined Standard Chartered in July 2004 as regional head, M&A and acquisition financing, based in Hong Kong. In August 2008, he moved to Singapore and assumed the role of global head, leveraged finance and equity capital markets.
Standard Chartered's PE arm invested in Sterlite Power Grid Ventures Ltd last year. Its other investments include Fortis Healthcare Ltd, Ocean Sparkle Ltd and Prime Focus Ltd.
(Edited by Joby Puthuparampil Johnson)