Ashok Sud To Head StanCharts Corp Banking Division

Mumbai, December 22: | Updated: Dec 23 2002, 05:30am hrs
In the second major top level reshuffle recently, Standard Chartered Bank (StanChart) has anointed Ashok Sud as its regional head for corporate & institutional banking, India. Mr Sud will be taking on the mantle from Rajan Ray, who is stated to retire early next year.

StanChart chief executive officer, India region, Jaspal Bindra told FE, Mr Ray will be retiring early next year and Mr Sud has been selected to take over the responsibility from him. Currently, Mr Sud is one of the corporate banking heads of the bank and handles large corporate clients who require complex structured solutions. He has held various senior positions in the bank in the past.

Currently I handle a select group of clients whereas in the new role I will be responsible for all the corporate clients of StanChart across geographies in addition to institutions, said Mr Sud reacting to the elevation.

Mr Ray was appointed as the head corporate and institutional banking, India, on November 22, 2001 prior to which he was with ABN Amro NV where he held several important positions that included country manager, Singapore and Sri Lanka. Previously, he had also worked with Grindlays Bank, India and EODC (Asia), Hong Kong.

Recently, StanChart also announced the appointment of its chief executive officer, India region, Jaspal Bindra, as the groups global head of corporates and institutions and his relocation to Singapore. Mr Cris Low, who is currently area general manager for East Africa and CEO of Kenya, will replace Mr Bindra as the CEO of India region.

With an asset base of Rs 29,000 crore, StanChart is currently the largest foreign bank operating in the country contributing 11 per cent to the balance sheet of the parent, up from 1 per cent during 1999. And during 2001-02, the Indian operations doubled its operating profit. StanChart reported a 107 per cent rise in net profit for the fiscal 2001-02 to Rs 384.6 crore as against Rs 185.4 crore for the preceding fiscal. Total income of the bank grew 61 per cent to Rs 1,228.1 crore (Rs 760.7 crore).