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Zarin Daruwala to head StanChart India

18-11-20151Standard Chartered Bank has appointed Zarin Daruwala, head of wholesale banking at ICICI Bank, as its India CEO. She will replace Sunil Kaushal, who was recently promoted as the regional CEO for Africa and the Middle East for StanChart. Her responsibilities as head of wholesale banking at ICICI Bank will be handled by Vishakha Mulye, who has just been appointed ED of the bank and had moved from ICICI Ventures. In her 25 years of banking career, Daruwala has led teams in several areas like corporate banking, project finance, structured finance, financial institutions, government and public sector banking, as well as building ICICI Bank’s rural and agri-finance offering. As head of StanChart India, she will be among several women heads of banks in the country – Arundhati Bhattacharya of SBI, Chanda Kochhar of ICICI Bank, Shikha Sharma of Axis Bank, Usha Ananthasubramanian of Punjab National Bank and Kalpana Morparia of JPMorgan. StanChart has been facing an increase in losses in the last couple of years in its loans business and Daruwala will have to take care of this issue in all earnestness. In India, the bank has around 20 lakh retail banking clients and about 2,500 corporate clients through 100 branches in 43 cities. Its main areas of operations are corporate and institutional banking, commercial and private banking, and retail banking.

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