Standard Chartered Plc’s (STAN.L: Quote, Profile, Research, Stock Buzz) consumer banking heads in Southeast Asia and China are leaving the company, the Asia-focused British lender said on Friday.
Wilson Chia, regional head of consumer banking for Southeast Asia, will leave at the end of March 2009, and Christine Ip, head of consumer banking for China, will depart as of December 31.
The bank said the two would pursue other interests outside the bank, but gave no further explanation of the reasons for their departure.
Chia will temporarily assume Ip’s role as head of China consumer banking until a replacement is announced.
Standard Chartered, which generates more than 90% of its profit in Asia, Africa and the Middle East, has been less affected by the global financial crisis than rivals such as Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and Royal Bank of Scotland Group Plc (RBS.L: Quote, Profile, Research, Stock Buzz).
The bank’s wealth management business in China and other countries is suffering, however, from the impact of the financial turmoil.
Ip, who is leaving next month after 12 years at the bank, has played a major role in Standard Chartered’s retail expansion in China, the bank said.
Standard Chartered, one of the biggest foreign banks in China, established a locally incorporated unit last year and operates 15 branches and 33 outlets in the country.
Standard Chartered will divide its Southeast Asia business into two portfolios as a result of Chia’s departure, the bank said.
Ajay Kanwal, head of consumer banking in Singapore, will take on oversight of the business in Brunei, Indonesia and Malaysia, while Som Subroto, group head of consumer finance, will take charge of consumer banking in Thailand, Vietnam and the Philippines.