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StanChart restructures, ex-S.Korea PM joins board

London-listed Standard Chartered said the trio would increase the experience, depth and diversity of its board, and its focus on Asia. It also reflects moves by banks to increase financial experience among directors.

The bank also announced changes to its management structure and executive responsibilities.

Standard Chartered said Han Seung-Soo, who was prime minister of the Republic of South Korea in 2008 and 2009, will become a non-executive from the start of January.

It is attempting to turn around its operations in South Korea, which is its third biggest market after a record $3.3 billion acquisition there in 2005, where its operations have struggled in recent years.

Also joining as non-executive next month will be Richard Delbridge, who was previously finance director for HSBC Holdings , NatWest and Midland.

Simon Lowth, currently finance director at pharmaceuticals firm AstraZeneca, will join the board in May.

Jaspal Bindra, head of Asia for the past two years, steps up to the board as executive director in January, retaining his responsibilities for growth and governance in Asia.

Gareth Bullock will step down as an executive director in May.

The bank, whose board will swell to 16 people from 13, said it had been conducting an internal governance review throughout this year and the changes are in line with recommendations made by the recent Walker Report into pay policies and practices in UK banking as well as other proposals on corporate governance.