John Tan Named CEO of Standard Chartered's Taiwan Unit

 
   By Aries Poon 
 

        TAIPEI--John Tan, who helped build Standard Chartered PLC's yuan business in China and Hong Kong in recent years, has been appointed to head the U.K. bank's Taiwan unit.
        Mr. Tan, a Hong Kong native, took up the position of chief executive of Standard Chartered Bank (Taiwan) Ltd. on April 1, the bank said Wednesday. He succeeded Ajay Kanwal, who became Standard Chartered's regional CEO for Northeast Asia and president and CEO for South Korea last month.
        Mr. Tan joined Standard Chartered in 2007 as head of global markets in China. Based in Shanghai, he oversaw the trading of currencies and interest rates and the development of structured and hedging products in China. He was also a member of various committees of regulators and industry bodies in China, the bank said, without elaborating.
        In 2012, Mr. Tan assumed the role of head of global markets in Hong Kong, which he held until his relocation to Taiwan, the bank said.
        "RMB [the Chinese yuan] internationalization is a major trend around the world. I want to integrate the Group's Greater China strategy with our expertise in RMB and experience in promoting cross-border trade," Mr. Tan said in the bank's statement.
        Standard Chartered's Taiwan unit has a staff of around 4,000.
        The buildup of yuan deposits in Taiwan has been rapid over the past year, with the island increasingly relying on trade and investments in China as their economies move closer to each other.
        Write to Aries Poon at aries.poon@wsj.com
        (END) Dow Jones Newswires

        May 07, 2014 01:16 ET (05:16 GMT)