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Focus on reviving battered loan book with exposure of billions of dollars to commodity - focused groups like Essar
British bank Standard
Chartered, which was forced into losses this year due to rising bad
loans in India, has appointed Zarin Daruwala of ICICI Bank as India CEO
to help set right the Indian unit's lending culture.An ICICI veteran
of 26 years, Daruwala was chosen by Chanda Kochhar to help her navigate
the troubled waters after the Lehman Brothers blow-up shook the lender.
She now faces a similar role in
fixing the troubled corporate portfolio of StanChart. “First, I will be
looking at the systems, process and people,“ Daruwala told ET
over phone.
Standard Chartered Global CEO Bill Winters' mission of turning around the troubled Asia-focused lender rests large ly on reviving the Indian unit's battered loan book. But that is easier said than done given the exposure running into billions of dollars to commodity focused groups like Essar and the slow pace of growth in India.
Daruwala brings to StanChart an intense knowledge of the working of the corporate world in India, given her long stint as head of ICICI Bank's wholesale banking vertical.
“Rather than waiting for the client to come and tell us about their needs, she would go to them,“ Kochhar told of Daruwala to ET in 2013. Vishakha Mulye, the head of ICICI's private equity venture, would replace Daruwala as the head of its corporate banking as an executive director.
Daruwala, who will be StanChart's first woman CEO, will take over four months after a management reshuffle elevated Sunil Kaushal to head the African and Middle Eastern operations of the bank. She will report to Ajay Kanwal, regional CEO, ASEAN & South Asia, Standard Chartered said in a release. There are challenges at Standard Chartered for Daruwala who hasn't worked at any other major organisation.
“Zarin has never worked for a multinational bank, so for her it will be a cultural adjustment because it requires a lot of networking at a global level,“ said V Vaidyanathan, a former colleague of Daruwala at ICICI and now the chairman of Capital First.
“Standard Chartered is going through a complex situation now which she has to deal with.“
Data that may be helpful:
Important Points:-
Standard Chartered Global CEO Bill Winters' mission of turning around the troubled Asia-focused lender rests large ly on reviving the Indian unit's battered loan book. But that is easier said than done given the exposure running into billions of dollars to commodity focused groups like Essar and the slow pace of growth in India.
Daruwala brings to StanChart an intense knowledge of the working of the corporate world in India, given her long stint as head of ICICI Bank's wholesale banking vertical.
“Rather than waiting for the client to come and tell us about their needs, she would go to them,“ Kochhar told of Daruwala to ET in 2013. Vishakha Mulye, the head of ICICI's private equity venture, would replace Daruwala as the head of its corporate banking as an executive director.
Daruwala, who will be StanChart's first woman CEO, will take over four months after a management reshuffle elevated Sunil Kaushal to head the African and Middle Eastern operations of the bank. She will report to Ajay Kanwal, regional CEO, ASEAN & South Asia, Standard Chartered said in a release. There are challenges at Standard Chartered for Daruwala who hasn't worked at any other major organisation.
“Zarin has never worked for a multinational bank, so for her it will be a cultural adjustment because it requires a lot of networking at a global level,“ said V Vaidyanathan, a former colleague of Daruwala at ICICI and now the chairman of Capital First.
“Standard Chartered is going through a complex situation now which she has to deal with.“
Data that may be helpful:
Important Points:-
- British bank Standard Chartered CEO :- Bill Winters
- British bank Standard Chartered CEO India:- Zarin Daruwala (StanChart's first woman CEO)
- ICICI Bank CEO :- Chanda Kochhar
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