Neil Daswani has been promoted to regional head, transaction banking for North Asia. He replaces Andy Dyer, who has left to pursue new career opportunities, the bank says. Daswani was previously global head of securities services.
Jiten Arora has been promoted to regional head, transaction banking for South Asia and Southeast Asia. Prior to this he was global head for client access at Standard Chartered.
The bank says it remains confident about its capital strength despite a slowdown in economic growth in the Asia region. Transaction banking continues to be strong and is considered a core revenue generator for the bank.
ôIn the current macroeconomic environment there is a need for a bank that is resilient and well capitalised,ö explains Arora. ôFor corporates to continue to do their business in this environment, they need funding to fuel their growth. Transaction banking helps them to relocate their working capital and use that to fund their growth. This can be in the area of trade financing, balance sheet management and efficient cash management. This is why transaction banking is back in vogue."
Arora says India and Indonesia are countries within his remit that continue to offer attractive opportunities for growth. The bank also continues to capitalise on growing intra-regional trade flows.
Giles Elliot has been promoted to global product head for securities services. This includes the bankÆs custody, fund services and broker clearing businesses. Prior to this he was global product head for custody and clearing.
In addition, Neal Livingston, chief operating officer of transaction banking, has been appointed global head of client access with responsibility for channel management, solution delivery and network management.
Daswani will be based in Hong Kong while the rest of the senior management team will be based in Singapore.
Unlike some of its competitors, Standard Chartered continues to invest, recently acquiring JPMorgan CazenoveÆs Asian business for an undisclosed amount. The purchase is expected to help boost its equity brokerage capabilities, capital markets expertise and China coverage.
Standard Chartered is listed in both London and Hong Kong and ranks among the top 25 companies in the FTSE100 by market capitalisation. It derives more than 90% of its operating income and profits from Asia, Africa and the Middle East, which is generated from its wholesale and consumer banking businesses.
In addition to Hong Kong and Singapore, the bank currently has offices in New York, London, Shanghai and Beijing.