Ray Ferguson, Standard Chartered’s chief executive for Singapore and Southeast Asian operations, will continue as chief executive officer for Singapore, the bank said, adding that no decision had been made on who would lead the rest of the region.
Swaroop, who has been in his current role since 2005, will assume responsibility for the rest of the region, said the source, who declined to be identified.
Standard Chartered said in a statement the role of chief executive officer for Singapore and Southeast Asia would be split in two, and Ferguson would continue as chief of its Singapore operations.
“Regional oversight for Australia, Brunei, Indonesia, Malaysia, Mauritius, Philippines, Thailand and Vietnam will be transferred to a new senior manager in due course,” Standard Chartered said in a statement.
“Contrary to media speculation, no decision has yet been taken regarding this appointment,” it said.
Ferguson and the bank’s new head for Southeast Asian operations outside of Singapore will report to Standard Chartered’s Group Executive Director and Asia Chief Executive Jaspal Bindra, the bank said.
The bank, which specializes in emerging markets, will name Swaroop’s successor in a month’s time, the source told Reuters. The successor is likely to come from outside India, the source added.
A spokesman for UK-based Standard Chartered in Mumbai declined to comment.
Standard Chartered listed on the Indian stock exchanges last year by issuing depositary receipts in a move to strengthen its brand and presence in Asia’s third-largest economy, which was its biggest market in 2010.
Singapore is the bank’s third-largest business with over 7,100 staff, it said in the statement.
