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Bindra to take over as StanChart global C&I head

BS Banking Bureau in Mumbai

Jaspal Bindra, the 42-year-old chief executive officer of Standard Chartered Bank (India region), will take over as the bank's group head of Corporates and Institutions globally.

He will assume the new responsibility in February 2003 and will be based in Singapore. Chris Low, currently the area general manager (East Africa) and CEO (Kenya), will replace Bindra.

With the elevation of Bindra to a global post, all the top three foreign banks in India have also witnessed change of guards.

Sanjay Nayar of Citibank has taken over as the CEO and area head Sri Lanka, Bangladesh, and Nepal regions with Nanoo G Pamnani becoming the chairman.

At HSBC, Niall S K Booker is taking reins from Zarir J Cama, the current CEO. Cama has taken an overseas assignment, while Sanjiv Bhasin is taking over the deputy chief excutive post from Chris Hothersall.

Bindra, who became the chief executive of StanChart's Indian operations on August 1, 2000, has seen the bank through the most tumultuous times after the merger of ANZ Grindlays' business with itself.

The bank had acquired ANZ Grindlays' Middle East and South Asia operations for $1.3 billion. The merger between the two banks took effect on August 31, 2002.

According to Bindra, the highlights of his stint were the amalgamation of the two entities and managing the unions besides setting up crack teams at all levels.

"The bank has already begun the journey for a consumer distribution network and assets growth. This would be an ongoing process. The bank has also started branding. We have also got our brand ambassador," he said.

Bindra was instrumental in introducing a slew of voluntary retirement schemes to trim the flab of the merged entity and recast the organisational structure. Close to 1,500 employees of the merged entity have been given VRS bringing down the staff strength to 3,400.

Bindra had earlier held senior positions in Union Bank of Switzerland and Bank of America. The new appointment is significant for Bindra who will now be responsible for the bank's relationships with corporates, financial institutions, and also for all the commercial banking products.

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