Standard Chartered picks new regional heads amid investment banking reshuffle, source says

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DUBAI, April 2 (Reuters) – Standard Chartered (STAN.L), has picked new regional heads, according to a person with knowledge of the matter, as the Asia-focused bank undergoes a major management reshuffle in its corporate and investment banking business (CIB) business.

The new appointments are intended to allow the bank to serve more clients, as well as promote internal talent, the person said.

Torry Berntsen was named executive vice-chairman for CIB Europe, Americas, the Middle East & Africa, the person said.

Steve Cranwell will head operations for the United States, Europe and the Americas, Kariuki Ngari for Kenya and Africa, while Rola Abu Manneh will oversee the United Arab Emirates as well as the wider Middle East region and Pakistan.

Under the same organizational reshuffle, which Bloomberg reported earlier on Tuesday, Zarin Daruwala will lead the business in India and South Asia while Patrick Lee will oversee Singapore and the ASEAN hub.

“We’re reducing complexity and sharpening the focus on driving strong, sustainably higher returns through each business line,” Standard Chartered said in an emailed statement. “For CIB, that includes greater connectivity between product and geography, and positioning ourselves to do more business with our clients.”

The moves follow Standard Chartered’s announcement last month that banker Simon Cooper, who had been seen by some investors as a potential successor to group CEO Bill Winters, was leaving the firm and that Roberto Hoornweg and Sunil Kaushal would take over as co-heads of corporate and investment banking.

Sources had previously described the reshuffle push as an attempt by Winter to refresh the bank’s top talent as he bids to enhance returns and execute a strategy overshadowed by China’s poor economic outlook.

 

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Edmund Shing, PhD

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Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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