Mervyn Davies leaves banking for ministerial job

Stepping down as chairman of Standard Chartered, Davies becomes minister for trade and investment in the UK and has the challenging task of getting banks to start lending again.

Mervyn Davies has stepped down as chairman of Standard Chartered PLC with immediate effect after accepting a job as minister for trade promotion and investment in the UK. He will work under Peter Mandelson, the UK Business Secretary.

Standard CharteredÆs deputy chairman and senior independent director John Peace has been appointed acting non-executive chairman and will take over the helm at the UK-based bank for now. Meanwhile, Standard CharteredÆs nomination committee will lead the process of finding a...

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