Standard Chartered Appoints New CEO for Europe and UK to Accelerate Growth
Leadership Changes and Strategic Expansion in Europe and the UK
Margaret Harwood-Jones Named CEO for Europe and UK
LONDON, June 30 (Reuters) - Standard Chartered has appointed Margaret Harwood-Jones as its CEO for Europe and the UK, a newly created role overseeing both markets as the bank tries to expand its business there, the lender said on Tuesday.
Strategic Focus on Cross-Border and Wealth Management Business
Expanding Corporate and Institutional Services
The appointment comes as StanChart tries to win more cross-border business from big companies and financial institutions, as well as grow its wealth management business to earn more fee-based income.
Additional Leadership Appointments
• The London-headquartered lender also said it has named Jörg Hessenmüller as CEO for SCB AG, the Germany-based entity for its continental European business.
Recent Expansion Initiatives in Europe
New Offices and Digital Asset Services
• The bank has been expanding in Europe recently, in the last two years opening new offices in Switzerland and Brussels as well as a new entity to offer digital asset custody in Luxembourg.
Focus on High-Value Clients
Shift Away from Retail Banking
• Standard Chartered and its rival HSBC have both increasingly focused on the biggest clients in Europe in recent years where they can earn fees from advising on day-to-day services such as lending, cash management and foreign exchange, pulling back from retail banking where they struggled to compete with incumbent domestic players.
CEO's Vision for Growth
• "Europe and the UK are core to our global strategy, and there is significant opportunity to accelerate growth, leveraging our unique cross-border capabilities and platform," Harwood-Jones said.
(Reporting by Lawrence White; Editing by Susan Fenton)
