Standard Chartered Bank Chairman has been appointed as Minister for Trade Promotion and Investment in the UK Government
14 January 2009, Doha – Standard Chartered Bank Chairman, Mervyn Davies has stepped down from the Board with immediate effect as a result of his appointment as Minister of Trade Promotion and Investment in the UK Government. Mervyn joined the Group in 1993 and has been on the Board of Standard Chartered Bank PLC since 1997. He was Group Chief Executive of Standard Chartered Bank from November 2001 until November 2006, when he was appointed Non-Executive Chairman. During Mervyn’s time as Chairman and previously as Group CEO, the Group’s clear strategy is to lead the way in Asia, Africa and the Middle East. The disciplined approach to banking and its customer focus have resulted in its significant strategic and financial progress.
Mervyn said, “It has been my privilege to serve as a Director, CEO and the Chairman of Standard Chartered Bank. The bank is in great shape at a time when the industry faces many challenges. I am honoured to take up the new role with HM (Her Majesty) Government but will be very sad to leave so many friends at Standard Chartered bank.”
The Board has appointed its Deputy Chairman and Senior Independent Director, John Peace as Acting Non- Executive Chairman. John was appointed as Deputy Chairman and Senior Independent Director of Board in August 2007. He is also the Chairman of Experian PLC and Burberry PLC. Rudy Markham has been appointed Acting Senior Independent Director. Standard Chartered Bank Group CEO Peter Sands said “It has been a privilege to have worked with Mervyn. He is a truly professional banker, an outstanding leader and a good friend. At Standard Chartered we will miss him, but we are also very pleased for him as he takes on this important role.”
For further information, please contact:
Haya Mashhood
Head Corporate Affairs Qatar
Standard Chartered Bank
Tel : +974 5847178
Email : Haya.Mashhood@standardchartered.com
Note to Editors:
About Standard Chartered
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world’s most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has around 1,750 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs 75,000 people, nearly half of whom are women. The Group’s employees are of 115 nationalities, of which 60 are represented among senior management.
For more information, please visit: www.standardchartered.com
About Financial Markets
Financial Markets at Standard Chartered is a globally integrated business spanning Asia, Africa, the Middle East, the UK and US. Financial Markets includes trading functions such as equities, commodities, fixed income trading (rates, foreign exchange and credit) an integrated sales platform, our capital markets business and structured products. Our capital markets business, comprising Fixed Income, Asset Securitisation and Loan Syndications, consistently dominates league tables and rankings in markets core to our footprint. We are the market leader in local currency bond issues and rank third in loan syndications in Asia-ex Japan (source: IFR and Thomson Financial league tables). We have a particular competitive advantage in Islamic financing and cross border issuance capabilities. We are first in currency derivatives and third in interest rate derivatives (source: Asia Risk End User Survey 2008). We are a major participant in the global rates and FX markets, actively trading in over 100 onshore and offshore currencies. We are a market leader in the provision of emerging markets liquidity and have pioneered the development of new FX Options markets and products.