The Reserve Bank of India (RBI) has approved the appointment of Prabdev (PD) Singh, a corporate banking veteran and former CEO of JP Morgan India, as the new CEO of Standard Chartered (StanC) in India and South Asia. Singh will take over from current CEO Zarin Daruwala, who has completed her third three-year term and will retire at the end of March. This development comes after a series of interviews held in October, during which Singh was identified as the top choice among three candidates to succeed Daruwala.
Singh has more than 30 years of experience in corporate banking and has worked with prominent institutions such as JP Morgan and HSBC. He has played a key role in several significant deals, including foreign currency funding, credit facilities, and structured deals for Indian corporates and domestic banks.
StanC is undergoing a transformation, shifting its focus towards wealth management in India, capitalizing on the country’s growing affluence and higher income potential. To this end, the bank sold its personal loan portfolio to Kotak Mahindra Bank last October.
With Singh at the helm, the bank is poised to leverage his expertise to drive its growth strategy. His appointment is expected to be announced formally this week. The soft-spoken banker takes over from Daruwala, who has led StanC since 2016 and previously spent 26 years at ICICI Bank. StanC reported a net profit of $204 million in the first half of 2024, and its full-year 2024 results are set to be announced this Friday.