Standard Chartered has unveiled plans to combine several of its businesses to streamline operations and capitalise on competitive advantages.
The restructure includes the merger of Retail Banking, Private Banking, and Wealth Management.
Judy Hsu, currently regional CEO for ASEAN and South Asia, will be in charge of the merged business.
The market turmoil caused by the Covid-19 pandemic dampened the performance of Standard Chartered’s private banking unit in H1 2020.
The unit’s statutory profit in the first six months of 2020 stood at $53m, compared with $99m in the prior year.
At a group level, Standard Chartered’s underlying pre-tax profit slumped 25% to $1.95bn from $2.61bn over the period.
Asia units combined
The bank will also merge the Greater China & North Asia and ASEAN & South Asia regions into a new Asia region.
The combined business will be headed by Ben Hung, who will operate out of Hong Kong.
Hung is presently the regional CEO of Greater China and North Asia.
He is also the CEO for Retail Banking and Wealth Management.
Standard Chartered said that the reorganisation will support increasing trade and investment flows across Asia.
The restructure will enable the group to pursue strategic opportunities in China’s Greater Bay Area, and cash in on the wealth opportunities in ASEAN.
The changes will be effective in January next year.
The bank’s regional CEO, Europe & Americas and CEO of Private Bank Tracy Clarke will retire at the end of this year.
Meanwhile, Torry Berntsen who is currently CEO, Americas, will spearhead Europe & Americas.
At present, Berntsen is the CEO of Americas.
Standard Chartered group CEO Bill Winters said: “These changes will further strengthen our business with individual clients, supporting growth in all aspects of this profitable and differentiated business.
“Separately, the increased focus on connecting our Asian business will allow us to better serve our corporate and institutional clients as they develop their businesses across these dynamic markets.”