StanChart taps former JPMorgan executive PD Singh as India head

Standard Chartered (StanChart) has nominated former JPMorgan India chief executive officer (CEO) P.D. Singh as its India and South Asia CEO, Reuters reported on Tuesday, citing people aware of the development.

The lender has sought the Reserve Bank of India’s approval for the Singh’s appointment, the report said.

If the appointment gets the RBI’s nod, Singh will replace Zarin Daruwala, who will retire on 1 April after a decade in the role.

Singh had stepped down at JPMorgan in June this year before the end of his term.

He had received regulatory approval in January last year for a three-year term at JPMorgan Chase Bank India.

Singh, an engineer, had a decade-long stint at HSBC Holdings Plc before joining JPMorgan in 2010, his LinkedIn profile showed.

Meanwhile, the emerging markets-focused StanChart has hired seven new bankers, Bloomberg reported on Wednesday, citing a note, which also said the hiring spree is part of its broader strategy to double its investments in the wealth management space over the next five years.

Standard Chartered, has a network of 100 branches across 42 cities in India, has been operating in the country for over 160 years, making it one of the oldest foreign banks.