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Wed 1 Apr 2015 01:40 PM

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Standard Chartered's Middle East chief Shankar to step down

Viswanathan Shankar, one of the most powerful Indians working in the Gulf, will leave role on April 30 - report

Standard Chartered's Middle East chief Shankar to step down

The head of Standard Chartered's Middle East unit has reportedly resigned as the UK-based bank continues to shake up its senior management.

Viswanathan Shankar, who runs the Europe, Middle East, Africa and Americas unit, will step down from the board on April 30, Bloomberg reported on Wednesday, citing a bank statement.

Shankar was named the 11th most powerful Indian working in the Gulf in the Arabian Business Indian Power List in 2014.

“I would like to thank Shankar for the service he has given to Standard Chartered over the last 13 years,” chairman John Peace was quoted as saying in the statement.

He joined Standard Chartered in 2001 as Group Head of Corporate Finance, was appointed Group Head of Origination and Client Coverage in 2007, and promoted to his current role in 2010.

Before joining Standard Chartered, Shankar worked with Bank of America for 19 years. In addition to his responsibilities at Standard Chartered, Shankar is a non-executive director of Majid Al Futtaim Holding; a trustee of the Asia Society, New York; and, a member of the board of trustees of the Singapore Indian Development Association (SINDA).

In November, it was reported that Standard Chartered was set to cull an unspecified number of branches in the Middle East, as part of plans to cut up to 100 locations in emerging markets in 2015 in a bid to save $400 million.

The lender said that it would shut down the branches across the Middle East, Africa and Asia as it attempts to shore up profitability.

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