1992: When the Harshad Mehta securities scam shook India, electronics engineer Ajay Kanwal, with a management degree from University of Mumbai, was in a cushy job at Citibank. He watched the scam unfold and saw how deeply troubled rival Standard Chartered Bank in India was. The UKheadquartered bank had to sell a couple of its buildings and bring in money to stabilise its operations in India. But Kanwal admired its resilience when the chips were down. It stood firm throughout the crisis. So, amid this turmoil, Kanwal took up a job at StanChart.
2014: When Kanwal took charge of Korea First Bank, one of the most expensive acquisitions of StanChart ( for $3.3 billion in 2006), he faced significant challenges. While the acquisition was made to strengthen the bank’s presence in South Korea, then Global CEO Peter Sands was often asked by investors when the bank would turn around. Upon arriving at the bank’s headquarters, the guard escorting Kanwal suggested entering through the back entrance due to a protest by the employees’ union. But he decided to take the front gate. Known as a “solution and growth manager”, Kanwal quickly assessed the situation and devised a plan. Within six months as the Regional CEO for North East Asia, he suggested appointing a local CEO to improve communication and gain the trust of the employees. The strategy worked, and the bank soon turned around.
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