Harold J. Meyerman has resigned as chief executive of First Interstate Bancorp's merchant banking unit but will remain a consultant, the company announced on Monday.
First Interstate signed an agreement this month to sell the international banking, corporate finance, and global trading businesses housed in First Interstate Bank Ltd., which Mr. Meyerman has headed since 1986, to Standard Chartered PLC.
After the sale, the merchant banking unit is to be closed.
First Interstate, Los Angeles, is also entering a business development partnership with the British bank.
Mr. Meyerman, 53, will serve as an adviser to the two companies, helping them forge an effective alliance, First Interstate said. He joined First Interstate in 1983 and became president and chief executive of the merchant bank and a member of the parent company's managing committee in 1986.