Zarin Daruwala

When Zarin Daruwala was named head of Stanchart India, eyebrows were raised. Was it wise to leave a large bank that was doing well to head a smaller one that was in deep financial trouble?

- T. Surendar

ALL THE RIGHT MOVES

“Sure it’s a great view,” says Zarin Daruwala, the latest inhabitant of the office of the CEO of Stanchart’s India operations. “But where is the time to enjoy it?” (She did, however, take in the view when we asked her to stand by the window during the photo shoot.)

Geographically, Daruwala has moved just a few blocks; till November 2015, when her move to Stanchart was announced, she was president of the wholesale banking business at the country’s largest private bank, ICICI, which, like Stanchart, is headquartered in Bandra Kurla Complex, Mumbai’s finance hub. But career-wise, she’s taken a huge, huge step. She’s not the first to leave a private Indian bank for a foreign one, but given the state of the bank she’s moved to, it’s an interesting move.

On the face of it, moving from a lower position in one organisation to heading another is not extraordinary; when Gopal Vittal moved from Hindustan Unilever to head Airtel, it caused some comment but only because he moved from consumer goods to telecom. Otherwise, it was seen as a logical step.

In Daruwala’s case, what queers the pitch is the industry: banking. Dinesh Mirchandani, managing partner, Boyden India, the India arm of international hiring firm Boyden, explains the issue. “There is a general disinterest both from employees and employers in the banking sector to make lateral moves within the industry in India especially when it comes to very senior positions.”