Standard Chartered ropes in ICICI Bank's Zarin Daruwala as India CEO

Mumbai: The country's largest foreign lender Standard Chartered Tuesday appointed Zarin Daruwala of ICICI Bank as its new Chief Executive in the place of incumbent Sunil Kaushal who will be elevated as the regional head for Africa and West Asia operations.

Daruwala comes from ICICI Bank where she was the president of wholesale banking. During her 25 years in the banking sector, she has led teams in corporate banking, project finance, structured finance, financial institutions, government and public sector banking, as well as building out the lender's rural and agri-finance offering, Standard Chartered said in a statement.

She will be based in Mumbai and report to Ajay Kanwal, regional Chief Executive for Asean and South Asia.

Kanwal said, with outstanding experience and relationships from over 25 years in the industry, and her proven ability to deliver superior financial performance, Zarin is perfectly placed to seize the huge opportunities we see in India.

"I am confident she will build on our more than 150 years of history and our leading position as the India's largest foreign bank," Kanwal added.

The statement also said Anurag Adlakha will continue as the acting CEO of the India franchise, alongside his existing responsibilities as the CFO, until Daruwala assumes her job after regulatory approvals.

A chartered accountant and company secretary, Daruwala was one of the top rankers in both ICSI and ICAI courses and won the President's gold medal for company secretary programme.

She was named one of the top 25 powerful women in business by Fortune India.

Meanwhile, it has been learnt that ICICI Bank has elevated Vishakha Mulye, who is currently Managing Director and Chief Executive of ICICI Ventures, as the head of its wholesale banking group, filling in the vacancy created by Daruwala.

Yesterday, ICICI had elevated Mulye as an executive director on the board of the bank. According to sources, Mulye will be heading the wholesale banking group.