Why are top leaders leaving Standard Chartered India? The wealth business shake-up explained

British multinational bank Standard Chartered is seeing a wave of senior departures from its India wealth business as the lender reshapes its strategy and moves further away from mass-market retail banking.

Saurabh Jain, who heads the bank’s wealth management and affluent client segments in India, is set to leave by the end of this week and join Bandhan AMC as chief business officer on Aug. 3, Bloomberg reported, citing people familiar with the matter.

Jain rejoined Standard Chartered in 2019 after spending a little more than a year at HDFC Bank Ltd. He led the UK lender’s wealth arm and played a central role in the bank’s wealth business, its GIFT City push and its efforts to build a stronger affluent client franchise.

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More Senior Departures

Jain is not the only executive to exit. Nitin Chengappa, who led affluent distribution and the branch network, left in April after working at Standard Chartered since December 2016, the people said. Another senior executive, Pankaj Walia, who headed the bank’s private banking unit, departed late last year, they added.

Standard Chartered has yet to name replacements for Chengappa and Walia, the people said. Amit Mamgain, who reported to Jain and currently serves as head of investment strategy and wealth sales, will take over Jain’s responsibilities, according to the people.

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Bandhan AMC Expands

Bandhan AMC, backed by Bandhan Group, Singapore’s GIC and ChrysCapital Management, manages more than $20 billion in assets and also offers alternative investment funds and portfolio management services. The firm is led by Vishal Kapoor, a former Standard Chartered banker.

Standard Chartered confirmed Jain’s exit and said the bank remains committed to growing its small and medium enterprise business alongside wealth and retail banking.

Bandhan AMC’s CEO Kapoor is investing in people and capabilities to support growth. “As the business continues to grow, we are strengthening our organization by investing in talent, technology and distribution capabilities,” he said.

Strategy Pivot

The departures come as Standard Chartered narrows its focus on wealth management in India, targeting the country’s fast-growing affluent class. The bank sold its personal loans portfolio to Kotak Mahindra Bank Ltd. in 2024 and earlier this year agreed to sell part of its India credit card business to Blackstone-backed Federal Bank Ltd.

In 2024, executives estimated that India had about 750,000 potential clients with a revenue pool of more than $300 billion, underscoring the size of the opportunity the lender is chasing. Standard Chartered has also been expanding into smaller towns and courting owners of small and medium enterprises as part of its broader push.