Standard Chartered Proposes P.D. Singh as Next India CEO

Standard Chartered has proposed former JPMorgan India chief, P.D. Singh, as the next CEO for India and South Asia, according to two individuals familiar with the matter who spoke to Reuters under anonymity. The bank is currently seeking approval from the Reserve Bank of India (RBI) for the appointment.

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Singh, who has held senior leadership roles in prominent institutions like HSBC over the last 20 years, declined to comment on the development. Standard Chartered and the RBI also did not immediately provide responses regarding the nomination.

If approved, Singh will succeed Zarin Daruwala, who has served nearly ten years in the role and is set to retire on April 1, 2025. Standard Chartered, which has been operating in India for over 160 years, maintains a significant presence with 100 branches across 42 cities, making it one of the oldest foreign banks in the region.

Earlier this week, Standard Chartered outlined plans to target $200 billion in new assets and aim for double-digit income growth in its wealth business over the next five years. This strategy aligns with its focus on high-fee-generating sectors and servicing affluent Chinese and Indian clients with offshore or cross-border asset needs.

Judy Hsu, CEO of Wealth and Retail Banking at Standard Chartered, stated that the bank's assets under management (AUM) from wealthy Chinese and Indian clients grew by approximately 40% and 20%, respectively, in the year ending September. Hsu highlighted the "China plus one" strategy gaining traction as businesses diversify operations due to potential trade tariffs under U.S. President-elect Donald Trump’s administration. Many Chinese small and medium enterprises (SMEs) are exploring opportunities outside of China to mitigate such risks.

Standard Chartered plans to enhance its workforce of relationship managers by 50% by 2028, upgrade branches, and invest in technology to attract more clients. Key markets for these expansions include India, mainland China, Malaysia, and Taiwan.

The bank’s strategy echoes that of its competitor HSBC, which has shifted its focus towards wealth management for affluent clients while scaling back retail banking operations in markets like the U.S. and France. Similarly, Standard Chartered has indicated plans to reevaluate or downsize its consumer offerings, including credit cards and small loans, in select markets.

In a related development, the bank announced last month that it is considering selling its wealth and retail banking operations in Botswana, Uganda, and Zambia to realign with its broader goals.