News: Standard Chartered appoints Zarin Daruwala as its new India CEO

C-Suite

Standard Chartered appoints Zarin Daruwala as its new India CEO

Daruwala takes over as the head of Standard Chartered’s India operations at a time when the bank is still struggling to clean up its balancesheet.
Standard Chartered appoints Zarin Daruwala as its new India CEO

Mumbai: Standard Chartered Bank has appointed Zarin Daruwala as the India CEO, the bank said in a statement on Tuesday. The news comes after the bank had announced to cut 15,000 jobs globally as part of its restructuring process earlier this month. Daruwala will report to Ajay Kanwal, regional CEO, ASEAN & South Asia at Standard Chartered.

Daruwala, who had taken over as the 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.

Daruwala takes over as the head of Standard Chartered’s India operations at a time when the bank is still struggling to clean up its balancesheet. While the bank showed strong growth in profitability for the year ended 31 March, it reported a further increase in bad loans. The bank reported a gross non-performing assets (NPAs) ratio of 8.9% at the end of March compared with 7.82% at the end of March 2014. The bank had the second largest gross NPA ratio among Indian banks for the year. However’s Standard Chartered’s net profit rose 93% to Rs.3,051 crore from Rs.1,584 crore in the previous financial year, helped by a drop in provisions as it kept expenses under check.

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. 

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

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Topics: C-Suite, Appointments, #Corporate, #PowerWomen

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