UK bank names new global retail banking chief executive

Standard Chartered Bank will welcome Ben Hung Pi Cheng as its new global head for the retail banking sector, which marks another big move in this leading international bank’s senior management reshuffle.

Ben Hung, hailing from Hong Kong, is now in charge of the lender’s operations in China and the North Asia region. He will take on Karen Fawcett’s responsibilities for the retail banking center on November 30.

Following the appointment, Hung’s responsibility will expand to the bank’s retailing business, spanning from the ASEAN countries, South Asia, and Africa, across to the Middle East, in addition to his current duties.

“Ben’s experience in running our largest and most complicated retail region, including working with his management team to turn around the Taiwan and Korea retail businesses, positions him well for this additional responsibility,” a statement from the bank said.

The transition comes at a time when the UK-based bank’s retail transformation is “in full swing” and “significant changes have been made and are now being rolled out,” the bank added. “Now the countries need to really own and drive adoption.”

In his new role, Hung will work closely with other colleagues to lead the development and implementation of strategy, technology and product improvements across the retail bank.

He joined Standard Chartered in 1992 and has held a number of senior management positions spanning corporate, commercial and retail banking. Outside of Hong Kong, he has international banking experience in the United Kingdom and in Canada.

Karen Fawcett, the bank’s current chief executive officer of retail banking and group head of brand and marketing, will retire on December 31, 2017.

In the face of strong economic headwinds in retail divisions worldwide, Standard Chartered has made quick changes across most markets against a challenging environment during the past two years.

In 2015, the bank announced it would invest $1.5 billion in technology over three years. Last year, it rolled out mobile and online banking in Africa to grow its market share.

The bank’s retail banking business serves the needs of nearly 10 million individual and business clients across more than 30 markets in Asia, Africa and the Middle East, according to its website.