One of Citicorp's consumer banking chiefs has resigned to join the U.K.'s Standard Chartered PLC.
Rana Talwar, Citibank's executive vice president for consumer banking in Europe and the United States, will run Standard's businesses in Africa, the Middle East, and South Asia. Mr. Talwar, 49, is set to begin work at Standard Tuesday and be named a group executive director April 22.
A 27-year veteran of Citibank, Mr. Talwar has held a variety of high- profile posts there and has focused on consumer banking since 1981. He is widely credited with helping build Citibank's retail banking franchise in the developing markets of Asia.
Early last year, Mr. Talwar was called back to the bank's New York headquarters from Singapore to head the retail unit known as Citibanking for Europe and North America. In that capacity, he reported to William Campbell, a former chairman of Philip Morris U.S.A. who joined Citibank in January 1996 to head worldwide retail banking.
One Citi-watcher said Mr. Talwar "had been a superstar in the Citibank environment." He had even been touted as a possible successor to chairman John S. Reed, this observer said.
At Standard, Mr. Talwar will also be responsible for governance and regulation in Europe, India, and the Americas, as well as problem country debt and human resources. He will be based in London.
"We are delighted that Rana Talwar has agreed to join Standard Chartered," said Patrick Gillam, chairman of the bank, in a prepared statement. "He brings with him over 25 years of banking experience with Citibank and has a proven track record of identifying and developing opportunities in emerging markets."
Mr. Talwar holds an undergraduate degree in economics from St. Stephens College, Delhi.