HONG KONG (Reuters) – Three senior Asia-focused bankers at Standard Chartered Plc are set to leave the bank, as it seeks to prune coverage of some industrial sectors while sharpening its focus on others, two people familiar with the matter said.
The bankers include Hong Kong-based Toby Groser, who is the co-head of general industries group in Asia focusing on retail and consumer sectors, and Dominic Richards, head of Asia media and telecoms coverage, the people said.
Singapore-based Nikhil Nath, the other co-head of StanChart Asia general industries group, is also leaving the bank, said the people, who declined to be named as they were not authoriZed to speak to the media on the subject.
The three so-called coverage bankers, with expertise in a specific sector, were responsible for offering clients corporate and investment banking-related services.
A Singapore-based spokeswoman for StanChart declined to comment on individual moves, but said the Asia, Africa and Middle East-focused bank was not shutting down coverage of any industrial sector.
“We have done a strategic review of our GIG (global industrial group) business and we retain dedicated sector banker coverage at a global scale for industries where we have the greatest impact for clients,” she said in a statement.
The three bankers did not immediately respond to Reuters’ emailed requests for comment.
Reporting by Sumeet Chatterjee; Editing by Muralikumar Anantharaman