• Mulye said to replace Daruwala as ICICI corporate banking head
  • U.K. lender was seeking India CEO after Kaushal's elevation

Standard Chartered Plc said it hired Zarin Daruwala, ICICI Bank Ltd.’s head of corporate banking, to run its operations in India.

Daruwala, 50, will replace Sunil Kaushal, who vacated the role to become the regional chief executive for Africa and Middle East starting Oct. 1, the U.K.-based lender said in a statement on Tuesday. She will report to Ajay Kanwal, regional CEO for ASEAN and South Asia and her appointment is subject to regulatory approvals, according to the statement.

Standard Chartered, which generates most of its income from Asia, has seen its expansion in emerging markets like India lead to a surge in bad debts. Chief Executive Officer Bill Winters has revealed plans to cut about 15,000 jobs globally and exit or restructure about $100 billion of assets.

Vishakha Mulye will take over as head of ICICI’s corporate banking, people with direct knowledge of the matter said, asking not to be identified before a public announcement. 
ICICI Bank’s board yesterday appointed Mulye, who was the CEO of ICICI Venture Funds Management Co. as an executive director of the bank, according to an exchange filing. It didn’t elaborate what responsibilities Mulye will hold. ICICI Bank declined to comment.

Daruwala had been heading the wholesale banking division at ICICI since 2010 and is a director on the board of the lender’s insurance unit ICICI Lombard General Insurance Co.

In September, Neeraj Swaroop who was the chief executive officer for Standard Chartered in Singapore, decided to leave after turning down an offer to oversee the bank’s business in India, people familiar with the matter said then.

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