Standard Chartered has named Mike Rees as deputy to chief executive Peter Sands, making the wholesale banking chief the new heir-apparent at the Asia- focused lender after its highly regarded finance director announced he was leaving.

The shock departure of Richard Meddings sent StanChart shares to an 18-month low. Mr Meddings' decision to go as part of a reorganisation deprives the group of a key executive.

StanChart had warned last month that its 10-year record of earnings growth would likely end and to combat that slowdown, the bank said on yesterday it would combine its wholesale and consumer banking units from April.

Analysts said the changes put Mr Rees, a 24-year veteran of StanChart whose wholesale unit has been its growth engine, in pole position to succeed Mr Sands. – (Reuters)