Posted inPeople Moves

Standard Chartered’s Anna Marrs exits

Anna Marrs, Standard Chartered’s CEO for commercial and private banking and CEO for the Asean and South Asia (ASA) region, will be leaving the bank in September.
Standard Chartered's Anna Marrs exits
Anna Marrs, Standard Chartered

Marrs will be returning to London, to join another financial services company, according to a statement from the bank.

“While the strategy and business structure of the group will remain the same, internal reporting lines for the commercial banking, private banking and wealth management businesses have been realigned to reflect the increasing collaboration between the client segment businesses,” the bank said.

Private banking and wealth management

Didier Von Daeniken, global head for private banking and wealth management, who currently reports to Marrs, will continue leading both the private banking and wealth management businesses.

After Marrs leaves, Von Daeniken will report for his wealth management responsibilities to Ben Hung, CEO for Greater China and North Asia and CEO for retail banking. Under his private banking role, he will report to Tracy Clarke, regional CEO for Europe and Americas.

Clarke will be taking over Marrs’ CEO for private banking role, a Singapore-based spokeswoman for the bank noted.

Didier Von Daeniken assumed his role in March 2016. His appointment was part of the bank’s effort to streamline its operations. Previously, his role was held separately by two people. Judy Hsu, currently CEO for Singapore and Asean markets, was head of wealth management, while Michael Benz was global head of private banking.

Hsu first joined the bank in 2009 as head of wealth management and became Singapore CEO in 2015. Her wealth management role was removed after Von Daeniken’s appointment, while Benz left the firm in December 2016.

The regional role

Hsu will be taking over Marrs’ role as regional CEO for ASA in June, according to the statement. Hsu’s taking over Marrs’ regional responsibilities was announced in October last year. At the time, the bank gave her additional responsibilities of covering the Asean markets, in addition to Singapore.

Marrs assumed the regional role of CEO for ASA, in addition to CEO for commercial and private banking in 2016, after Ajay Kanwal resigned from the bank due to a disclosure issue.

Hsu will remain CEO for Singapore until a successor is appointed, according to a more recent statement.

Jiten Arora, regional head for commercial banking for ASA, will assume Marrs’ responsibilities for the commercial banking business on the interim basis. A permanent head is expected to be appointed in due course, the bank said in the statement.

Marrs first joined the bank in 2012 and was previously the group head of strategy and corporate development. She will be stepping down from the management team at the end of May, but will continue to work with the team as needed until she leaves the group in September.

Separately, the Monetary Authority of Singapore recently fined the bank $5m for suspicious money transfers from Guernsey.

Part of the Mark Allen Group.