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Rana Talwar, country’s biggest name in International banking & the first Indian CEO of a global bank has resigned as a Director and Group Chief Executive Officer of Standard Charted Plc. Mervyn Davies replaces him as Group CEO with immediate effect.
Mr Talwar was the first Indian to head the Standard Chartered group. Mr Talwar, who was earlier with Citibank, became the CEO of Standard Chartered Bank in October 1998. His exit adds to the speculation that the bank is takeover target for Citi, Barclays and Lloyds TSB.
Rana Talwar masterminded the Standard Chartered's strategy of focussing on Asia in the aftermath of the Asian currency crisis, when confidence in the region's financial institutions and banks was low. Acquisitions came cheap, as other European and American banks began bailing out.
Mr Talwar was instrumental in some of the major deals struck by Standard Chartered last year including the takeover of ANZ Grindlays Bank.
Talwar was instrumental in five acquisitions of $3 billion over 1999-2000. The list includes UBS's non-Swiss trade finance for $205 million in April 1999, Canadian Imperial Bank of Commerce's emerging markets/ capital equipment structured finance business for $1 billion in February 2000, 75 per cent in Nakornthon Bank in Thailand for $330 million in September 1999, Metropolitan Bank in Lebanon for $18 million in February 2000 and Chase Manhattan cards business in Hong Kong for $1.32 billion besides Grindlays business in India, Middle East and South Asia for $1.34 billion.
Rana Talwar exit comes as a dampner to Indian Banking community.
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