The Hindu Business Line : StanChart groups S. Asian nations into one region

STANDARD Chartered is forming a new South Asia region within the bank, comprising India, Nepal, Sri Lanka, Bangladesh and Afghanistan, effective March 1.

Mr Jaspal Bindra, who is currently global head of client relationships in wholesale banking, will head the expanded South Asia region, said a press release.

The dynamic economies of South Asia provide Standard Chartered excellent opportunities for growth.

Standard Chartered Bank is the largest international bank in each of these markets and is ideally poised to capture a large share of the trade flows in the region, said the release.

The grouping of these countries in South Asia into one region reflects not only the geographic proximity of the markets but underlines the shared culture and business synergies that they have with each other, it said..

Under the new governance model, the CEOs of India, Nepal, Sri Lanka, Bangladesh, Afghanistan will report to Mr Bindra, who, in turn, will report to Mr Kai Nargolwala.

However, there will be no material change in the day to day operations of the businesses in the countries, the release said.

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