Standard Chartered has divided its regional businesses under ASEAN & South Asia, including India; Africa & Middle East; Greater China & North Asia, and Europe & Americas.

ASEAN and South Asia will be led by Ajay Kanwal, Africa & Middle East by Sunil Kaushal, and Ben Hung will head Greater China & North Asia region. Tracy Clarke would be chief for Europe & Americas. Under the new structure, heads of all regions will report to Standard Chartered Group Chief Executive Bill Winters from October 1, 2015.

Standard Chartered Group in a statement stated that the restructuring of regions and client businesses will help in simplification of its organisational structure and quicken decision making. This will also play 'a key part in delivering the previously announced USD 1.8 billion of cost savings by 2017', the statement said.

The bank also announced regrouping its client businesses under three heads -- Corporate and Institutional Banking, Retail Banking and Commercial and Private Banking. "The Group needs to kick-start performance, reduce its cost base and bureaucracy, improve accountability, and speed up decision making. The new structure will help achieve all of these critical objectives," Winters said.

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