Standard Chartered LSE:STAN has appointed Margaret Harwood-Jones as its CEO for Europe and the UK, a newly created role overseeing both markets as the bank tries to expand its business there, the lender said on Tuesday.
The appointment comes as StanChart tries to win more cross-border business from big companies and financial institutions, as well as grow its wealth management business to earn more fee-based income.
The London-headquartered lender also said it has named Jörg Hessenmüller as CEO for SCB AG, the Germany-based entity for its continental European business.
The bank has been expanding in Europe recently, in the last two years opening new offices in Switzerland and Brussels as well as a new entity to offer digital asset custody in Luxembourg.
Standard Chartered and its rival HSBC LSE:HSBA have both increasingly focused on the biggest clients in Europe in recent years where they can earn fees from advising on day-to-day services such as lending, cash management and foreign exchange, pulling back from retail banking where they struggled to compete with incumbent domestic players.
"Europe and the UK are core to our global strategy, and there is significant opportunity to accelerate growth, leveraging our unique cross-border capabilities and platform," Harwood-Jones said.