People Moves
Standard Chartered India COO Jumps Ship To ANZ
ANZ has lured Standard Chartered's former regional chief operating officer for India and South Asia, as the global bank seeks to downsize its Indian private banking business.
ANZ has lured Standard Chartered's former regional chief operating officer for India and South Asia, as the global bank seeks to downsize its Indian private banking business.
Sreeram Iyer joins Australia's fourth largest lender as chief operating officer for Asia-Pacific, Europe and America. He starts 30 January.
Iyer was with Standard Chartered for 18 years and brings a total of 25 years of industry experience to his new role.
Iyer's new position will give him responsiblity for operations, technology, legal and compliance, property, sourcing, transformation and other major programs. Based in Singapore, Iyer reports to Alex Thursby, chief executive for Asia-Pacific, Europe and America, and Alistair Currie, group chief operating officer.
At ANZ, Sreeram Iyer replaces Mark Robinson. Robinson held the COO post on an interim basis over the last year, in addition to being chief executive for South and Southeast Asia.
“Under Mark’s guidance ANZ has successfully accelerated key initiatives relating to our operations hubs in Manila, Chengdu and Bangalore, and implemented disciplined project governance processes for ANZ’s regional expansion. Mark will now focus exclusively on driving ANZ’s growth in the South and Southeast Asia region which has tripled its contribution to ANZ Group revenue since 2007,” Thursby said.
Standard Chartered has been downsizing operations at its Indian private banking business by reducing the number of peripheral offices and relocating some relationship managers to Mumbai and Delhi. The bank posted a 39 per cent drop in operating profit in the first half of 2011 to $378 million -- a first in six years.
A source close to the situation said that Iyer's move had nothing to do with the performance of the India unit.
Standard Chartered, which makes most of its money in Asia, confirmed Iyer's departure and said it will announce a replacement in due course.