Standard Chartered, the FTSE-100 bank, has begun searching for a successor to its veteran finance chief.
Sky News has learned that the emerging markets lender is working with Russell Reynolds Associates, the search firm, to identify a replacement for Andy Halford.
City sources said an appointment is likely to be made in the coming months before Halford retires later in 2023.
Mr. Halford, a former Vodafone executive who has been with Standard Chartered for nearly a decade, is also the senior independent director at Marks & Spencer.
News about the search process will almost certainly mean Bill Winters, Standard Chartered’s chief executive since 2015, is likely to stay in the job for at least another two years.
That’s because the bank’s board wouldn’t want its two chief executives leaving in quick succession, according to a source.
In March, the Financial Times reported that the bank had begun preparing for Halford’s “final exit”, leading it to say it had not started any proceedings.
Headquartered in London, Standard Chartered makes most of its profits in Asia and also has a large presence in parts of Africa.
Like most banks, it has benefited from rising interest rates and its shares have risen by almost a third over the past year.
A spokesman for Standard Chartered, which has a market value of nearly £17bn, declined to comment on Thursday.