UK-based bank Standard Chartered (LON:STAN) has appointed former deputy governor of the Bank of Spain Jose Vinals as its new Chairman, and Naguib Kheraj as the new deputy chairman, according to a StanChart statement.
The new appointment completes a series of major changes at the emerging markets-focused lender, which included the appointment of Bill Winters, the former head of JPMorgan’s investment bank, as CEO last year. These sweeping board changes will clear the way for Winters to lead the major changes that Standard Chartered needs.
Alter searching for more than a year to replace the outgoing John Peace, the bank taps a former Spanish central banker to join as chairman designate on October 3rd and succeed Peace on December 1st. Standard Chartered announced that Peace would step down in February last year.
In his new capacity, Mr. Vinals will help oversee a deep restructuring process which is being carried out by Mr. Winters and other new managers. While reinventing itself as a smaller and more focused lender, Standard Chartered is trying to cut costs, end the wave of regulatory fines, and cope with an economic slowdown in its key markets.
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After a 25-year career at the Bank of Spain, Mr. Vinals joined the International Monetary Fund in 2009 and serves currently as the financial counselor and director in the international lender. He is also the IMF’s chief spokesman on financial matters, including global financial stability.
The bank has also named Naguib Kheraj, the senior director who conducted a 17-month search to find a candidate for the top position, as its new deputy chairman.
Commenting on his appointment, Mr Vinals said: “I am honoured to be joining Standard Chartered. It’s a fabulous organisation with a rich history and enormous potential. I am looking forward to working closely with the Board, Bill, his Management Team, and staff to ensure that the Group achieves its potential across the most exciting markets in the world, delivering on its commitments to shareholders, clients, regulators and the communities in which it operates.”
Based in London, the Asia-focused bank will pay its incoming chairman £1.25 million a year, in addition to standard benefits.
Investors have reacted positively to the announcement, with Standard Chartered’s share price having added 1.04 percent to 630.10 GBP as of 11:35 AM EDT.