Mohsin Nathani, Standard Chartered Plc’s chief executive officer for the United Arab Emirates, has resigned, becoming the latest in a string of departures from the London-based bank.
Nathani is taking a career break to spend more time with his family, the bank said in an e-mailed statement. He will remain at the bank during his notice period. Based in Dubai, Nathani had been in the job since February last year and was previously Standard Chartered’s CEO in Pakistan. The U.A.E. is one of the lender’s top five markets.
Nathani’s departure follows that of Dubai-based Afaq Khan last month, who led Standard Chartered’s international Islamic banking business. Hassan Jarrar, Standard Chartered’s CEO in Bahrain, will also leave later this year to head Bahrain Islamic Bank BSC, two people familiar with the matter said yesterday.
The departures come amid a shakeup in top management at the lender after falling earnings and a 39 percent drop in shares in the last two years. Chairman John Peace, CEO Peter Sands, Asia head Jaspal Bindra and Viswanathan Shankar, head of Europe, Middle East, Africa and Americas, are all leaving.