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StanChart chief Talwar quits

Our Bureau

MUMBAI, Nov. 29

MR Rana Talwar has resigned as a Director and Group Chief Executive Officer of Standard Charted Plc. An announcement from the banks London headquarters said Mr Mervyn Davies replaces him as Group CEO with immediate effect.

Mr Talwar was the first Indian to head the Standard Chartered group and his sudden exit has surprised banking circles here.

According to some news reports, ``he was ousted after what is described as a culture clash. His removal is seen to heighten speculation that Standard Chartered could be the subject of a takeover bid by a UK bank, reports said.

Mr Talwar, who was earlier with Citibank, became the CEO of Standard Chartered Bank in October 1998.

I have relished the challenges of the last three years transforming the group. I remain confident that the group has the right strategy and direction and will continue to flourish. I recognise that now is an appropriate time to move on, Mr Talwar was quo ted in a statement issued by the bank.

A report said the Standard Chartered board met on Wednesday in Mr Talwars absence. Mr Talwars style and the banks style have not always matched, the report said.

Mr Talwar was instrumental in some of the major deals struck by Standard Chartered last year including the takeover of ANZ Grindlays Bank last year and the acquisition of the credit card business of Chase Manhattan Bank in Hong Kong.

The merger between StanChart and ANZ Grindlays in India is yet to be completed. A spokesperson said what remains is only technical and the merger will be legally completed by September 2002. By then, Standard Chartered Bank will have around 60 branches i n 22 cities in India. The banks Indian operations are headed by regional general manger, Mr Jaspal S. Bindra. Incidentally, Mr Harpal S. Dugal, head of the consumer business of Standard Chartered in India, had quit last month.

Prior to the present appointment, Mr Davies, who joined the bank in 1993, was posted in Hong Kong looking after the banks operations in China and North-East Asia, besides Hong Kong. Mr Davies was also with Citibank as Managing Director, UK Banking.