Standard Chartered’s Group Executive Director and Chief Executive Officer, Europe, Middle East, Africa and Americas, Viswanathan Shankar has resigned from the Group after 13 years in various executive roles to start a private equity firm.

Shankar will stand down from the Board with effect from April 30, 2015.

As a result of this change, with effect from May 1, the Standard Chartered Board will comprise three Executive Directors - the Group Chief Executive, Deputy Group Chief Executive and Group Finance Director, in line with the Group's stated intention to reduce the overall board size to 14 Directors in due course.

Sir John Peace, Chairman of Standard Chartered, said: “On behalf of the Board, I would like to thank Shankar for the service he has given to Standard Chartered over the last 13 years. He has been a valuable member of the Board and Executive Team.”

Peter Sands, Group CEO of Standard Chartered, added: “Shankar has made a significant contribution to the success of the Group, both as Group Head of Origination & Client Coverage, and in his current role. He was also instrumental in establishing and leading our highly successful Corporate Finance and Principal Finance businesses. Shankar has decided to make a change of direction in his career and I wish him all the best.”

In addition, the Group announced that Jonathan Paul joins as Group Head, Financial Markets on April 7, and will be based in Singapore.

Sumit Dayal is appointed as Group Head, Corporate Finance, with effect from April 1.

Finally, Mark Dowie, formerly Group Head, Corporate Finance and acting Group Head, Financial Markets, will become Vice Chair, Clients and Products with effect from April 7.

In this new role he will be involved in a range of activities including business development and relationship management with clients across the Group’s footprint.

Shankar said he is planning to start a private equity business with a focus on Asia, Africa and the Middle East.

"It would be reasonable size deals and focus on the markets that I'm intimately familiar with. The new vehicle will target an initial fundraising somewhere in the range of $1bn, though the plans are at an early stage,” he said.