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Rana Talwar to get £3.2 mn settlement

Rana Talwar, who quit as the group chief executive of the Standard Chartered Bank following differences over the "management style", will get a £3.2 million conditional "settlement" from the bank, an official spokesman said in London on Tuesday.

"We reached a settlement and the maximum compensation Talwar will get is £3.2 million provided he does not take up another job before August 31, 2003," Paul Marriage, head of media relations, Standard Chartered Bank said.

Talwar, who had served the bank for just over three years, agreed to leave the bank following differences over the "management style."

The compensation agreed to between Talwar and the bank was purely in terms of his contract, Marriage said. Paul who quit the bank in November last year had a two-year contract.

As a sequel, the bank has now decided to have a one-year contract with all its executive directors instead of two years.

As per the contract, Talwar will be paid £590,000 by May 15 this year and subsequently get five installments of £394,000.

In addition he will get certain allowances, in all totalling £3.2 million, which is less than the full value of the contract, he said, adding, the settlement was reached through negotiations.

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