Standard Chartered appoints new UAE chief executive

Standard Chartered has appointed Julian Wynter as its chief executive for the UAE, the bank said in a statement.

Mr Wynter was group head of internal audit for the lender and has also held country head roles in Malaysia and Japan, the statement said.

He replaces Mohsin Nathani, who left the emerging markets-focused bank in April.

Meanwhile, Standard Chartered reported an unexpected quarterly loss as chief executive Bill Winters struggles to reverse a share slide that has halved the bank’s value in the past two years.

The pretax loss of $139 million compared with a $1.53 billion profit a year earlier, the London-based bank said in a statement on Tuesday. The average of five analyst estimates compiled by Bloomberg was for a $903 million profit.

Mr Winters, 54, has cut Standard Chartered’s dividend in half and pledged to reduce risk-weighted assets by as much as $30bn by 2016. With British regulators set to publish stress tests next month, the bank has held talks to raise at least $4bn, people familiar with the matter said previously.

The bank’s stock has declined 26 per cent in London this year.

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