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StanChart private equity fund chief quits

BS Banking Bureau

Rajiv Maliwal, head of private equity fund at Standard Chartered Bank for Asia Pacific and Middle East, has put in his papers. Based in Singapore, Maliwal is one of the last of ANZ Grindlays' senior managers to leave after StanChart took over Grindlays' business in India.

According to banking industry sources, after
Rana Talwar's exit, StanChart's commitment to the private equity business has been waning and this has prompted Maliwal to call it quits.

Maliwal is set to join a global private equity fund which has significant exposure to India. He will continue to operate in Singapore.

Maliwal was earlier the head of corporate and institutional banking in ANZ Grindlays India before it was taken over by StanChart. He was also a director of the former investment banking arm -- ANZ Investment Bank -- which has been repositioned since then.

With the exit of Maliwal, practically the entire senior management team of Grindlays which was accommodated at the merged entity, has called it quits.

The only exception is Soumen Basu who is the chief operating officer of StanChart. Basu was the director and head of international services in Grindlays.

Anuroop (Tony) Singh, who was the country head of Grindlays, joined Max New York Life Insurance as its CEO. Girija Pandey, who was heading ANZ Grindlays Mutual Fund, took a premature retirement and joined TCS in Singapore.

Among others, Bapsy Dastur, the legal head of the bank, went back to GE Caps. Jeswant Nair, who oversaw the integration of the two banks and was the head of human resources at the merged entity, joined PepsiCo. He came to Grindlays from Marico.

The other senior managers of Grindlays who had quit includes Rahul Khosla, head of retail banking, Balaji Rao, head of property; and Sameer Govil, head of credit cards. Khosla joined Visa and Rao has floated his own consultancy firm, while Govil is heading ANZ card products in Australia.

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