Standard Chartered Indonesia Head Shee Said Planning to Resignby
Bank’s reviewing operations in country after regulation change
Shee latest bank executive to leave amid management overhaul
Standard Chartered Plc’s Indonesia head Tse Koon Shee is planning to leave the bank amid a review of its operations in the country, according to people familiar with the departure.
Shee, who is based Jakarta, is in discussions to join another financial institution, said the people, who asked not to be identified because the move isn’t public. Shee declined to comment when contacted by phone at his office. A bank representative in Singapore declined to comment.
Standard Chartered is reviewing its 152-year-old operations in Indonesia as the government changes the rules on foreign-owned banks, meaning the firm must decide whether to merge the two lenders it owns in the country, or sell one of them. It owns a 45 percent stake in PT Bank Permata as a joint venture with conglomerate PT Astra International. Nevertheless, Chief Executive Officer Bill Winters said in February he wants to invest more in Indonesia, despite an economic slowdown and a depreciating currency.
Shee became chief executive office for Indonesia in June 2014 after almost four years with the bank in Dubai, according to his LinkedIn profile. He joined Standard Chartered in 1994 as a trade finance and payments manager.
Standard Chartered had an operational-risk loss of $20.4 million in the country in 2015, the second-highest across the firm, after it lost a legal case dating from 2009 for mis-selling a derivative product, according to the bank’s latest annual report.
Shee’s resignation adds to the ranks of senior managers that have departed the Asia-focused lender in the year since CEO Winters joined to turn around the ailing firm. Regional CEO for Asia Jaspal Bindra and Viswanathan Shankar, head of Europe, Middle East, Africa and Americas left last year. The bank is searching for a new chairman to replace John Peace, who has planned to leave this year.
Ajay Kanwal is in charge of the ASEAN and south Asia region and sits on Bill Winters’s management committee.