StanChart picks former South African bank boss Ramos as new chair

By Lawrence White

LONDON (Reuters) - Standard Chartered has appointed former South African bank CEO Maria Ramos as chair to succeed Jose Vinals, who is approaching the end of his nine-year term, the lender said on Tuesday.

Ramos, 65, joined StanChart's board as an independent non-executive director in January 2021 and was the head of South African bank ABSA Group Ltd from 2009 to 2019, overseeing its exit from the ownership of Britain's Barclays.

She will take on her new role as StanChart prepares to deal with rising trade tensions worldwide, particularly between the United States under President Donald Trump and Asian markets such as China where the bank's strategy is focused.

The most important task in Ramos's in-tray will be to oversee succession planning for CEO Bill Winters, who is nearing 10 years at the helm, by far the longest tenure among major British bank chiefs.

StanChart in October announced it would pare back retail banking to fund investment in its wealth business as, like rivals, it seeks more steady fee-based income to compensate for falling lending revenue as global interest rates dip.

Vinals oversaw a turbulent period for StanChart that included the COVID pandemic, and a subsequent period of sluggish share price performance when rumours the bank would be taken over resurfaced.

First Abu Dhabi Bank, the United Arab Emirates' biggest lender, said in January 2023 it had considered a bid for StanChart before abandoning the idea.

StanChart's share price has since rallied sharply, rising nearly 80% in the past 12 months as the bank improved income across its business lines and returned more cash to shareholders.

Ramos will relocate to Britain to take up her new role, the bank said, and receive a salary of 1.3 million pounds ($1.6 million) per year.

Her appointment also improves gender diversity among the still heavily male-dominated top echelons of major European banks.

Vinals will step down at StanChart's annual shareholder meeting on May 8, the bank said.

($1 = 0.8043 pounds)

(Reporting by Lawrence White in London and Yadarisa Shabong in Bengaluru. Editing by Susan Fenton and Mark Potter)