StanChart Mena chief named pvt banking head
Singapore, May 1, 2010
Standard Chartered has announced a reshuffle of senior executives which will see Shayne Nelson, the regional CEO for Mena region, move from the UAE to Singapore to take over as private banking head.
He replaces Peter Flavel who will become global head for personal banking, StanChart said in a statement. Both men will report to Steve Bertamini, StanChart's CEO for consumer banking, it added.
StanChart's private bank has grown strongly since it was relaunched three years ago under Flavel. The private bank manages about $35 billion in client assets and is one of the top 10 in Asia.
Flavel said in an interview with Reuters last month the private bank aims to tap the growing number of millionaires in China and India and expects to hire over 100 bankers globally this year.
In his new role, which will see him move to Hong Kong from Singapore, Flavel will focus on improving the profitability of personal banking, which accounts for over 50 per cent of consumer banking revenues.
Flavel replaces Raheel Ahmed, who will relocate to Dubai as global head of distribution channels.
UK-based StanChart, which focuses on the emerging markets of Asia, the Middle East and Africa, described the staff movements as part of a regular rotation of senior executives.
'Like any other organisation, Standard Chartered continues to make changes and move senior executives based on career opportunities and business needs,' a spokeswoman said.-Reuters