Standard Chartered regional CEO of ASEAN and South Asia (ASA) Ajay Kanwal has stepped down from his role, effective immediately.

Kanwal will be succeeded by Anna Marrs, who will also continue with her existing role as CEO of commercial and private banking.

Marrs, whose appointment is subject to regulatory approval, will continue to be based in Singapore. She joined Standard Chartered in 2012 and held various positions in the bank including group head of strategy and corporate development.

The bank said that Kanwal will assist Marrs in transitioning to the new role as required.

Standard Chartered CEO Bill Winters said: “Ajay’s historical personal investments in businesses outside the Bank had no impact on our clients or the economic interest of the Bank. He was elected to put the Bank’s interests above his own and I respect his decision to step down. Ajay has had a 24-year long distinguished career with the Bank and has done an outstanding job as the Regional Head.”