Standard Chartered Plc is losing several senior long-serving executives in its India operations, with some heading for new opportunities at rival local banks.
Manish Jain, who spent more than 23 years at the UK lender and was most recently its co-head of corporate, commercial and institutional banking for India, is planning to leave the bank to join Yes Bank Ltd., according to people familiar with the matter. Yusuf Roopawalla, who was Standard Chartered’s chief information officer, has left after more than 30 years to join state-backed Bank of India as its chief technology officer, his LinkedIn profile shows.
Other departures include Gaurav Bhatnagar, head of trade who has been with the bank for over 18 years, and Girish Aggarwal, an 18-year veteran and most recently regional head for leveraged finance and sponsor coverage in South Asia, said the people, asking not to be identified as they are not authorized to speak publicly.
Ashish Vijayakar, the other co-head of corporate, commercial and institutional banking in India, left Standard Chartered after 24 years, and was succeeded by Ankur Khurana, Bloomberg News reported earlier.
The executives are leaving for a variety of reasons, from cost cutting at the bank to growing their career elsewhere, the people said.
Local Rivals
“The bank has a long history of nurturing top talent in India. It is therefore natural to see some movements after many years of service,” a spokesperson for Standard Chartered said. “These movements are unrelated and have happened over a period of time, with no impact on the strong growth trajectory of the bank’s business in India.”
Senior executives at foreign banks are increasingly being drawn to opportunities at India’s fast-growing domestic lenders, which can offer attractive pay packages and give industry veterans a chance to build out new businesses or platforms.
The growth potential for local banks is significant as financial services open to more people, said Rituparna Chakraborty, co-founder and director of TeamLease Services Ltd, a consultancy firm. This makes them “attractive for senior foreign bank professionals, who may have aspirations both in terms of role and compensation,” she said.
The departures may pose a challenge to Standard Chartered at a time when competitors including HSBC Holdings Plc are ramping up investment in India. Standard Chartered’s operating income in the country fell about 6% in the first half to $627 million, according to its semi-annual report.
Despite being based in the UK, Standard Chartered makes most of its money outside of the country from its operations in Asia, Africa and the Middle East.
(Updates with outside comments in eighth paragraph.)
Author: Saikat Das, Preeti Singh and Baiju Kalesh
