Thursday, British financial services provider Standard Chartered Plc (STAN.L) said it has named John Peace Chairman with immediate effect, following necessary regulatory approval. Peace has been acting Chairman since January 14, 2009, when Lord Mervyn Davies stepped down. Meanwhile, various media reports stated that Standard Chartered is in negotiations to buy some of Royal Bank of Scotland Group Plc's (RBS, RBS.L) assets in Asia.
Peace, 60, was appointed as an independent non-executive Director and Deputy Chairman of Standard Chartered on August 1, 2007.
Standard Chartered pointed out that Peace will spend at least three days a week in his duties as the company's non-executive Chairman, which will become his primary role. According to the company, the appointment was followed by an extensive internal and external search process.
Peace is also the Chairman of Experian Plc (EXPN.L), from where he will step down once a new Chairman is appointed, while will remain as Chairman of Burberry Group Plc (BRBY.L). It was in 2002 that he was appointed as Chairman of Burberry, while became Chairman of Experian in 2006 when GUS Plc demerged its businesses.
Peace joined GUS, a UK-based retail Group, in 1970 where he held senior IT positions within the retail and home shopping divisions, and later became the Chief Executive of GUS. In 1980, he co-founded CCN, a trading company formed by GUS, which later became Experian, and he was its Chief Executive in 1996. In 1997, he was appointed to the Board of GUS and became Group Chief Executive in January 2000.
In a different development, media reported Thursday, citing sources familiar with the matter, that Standard Chartered, which derives more than 90% of its operating income and profits from Asia, Africa and the Middle East, would consider acquisitions in the Middle East, Asia and Africa, and that it is in negotiations to buy some of Royal Bank of Scotland Group Plc's assets in Asia.
As per the reports, ANZ, the fourth largest bank in Australia, is also eying RBS' Asian assets for sale, which include 13 branches in mainland China, 28 in India, 20 in Indonesia and 17 in Taiwan. RBS, which is 70% held by the British government, is trying to dispose of its retail and commercial banking divisions in Asia.
STAN.L is currently trading at 1,186 pence on the London Stock Exchange, up 6.00 pence or 0.51%, on a volume of 2.92 million shares.
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