Standard Chartered Bank global CEO upbeat over SL

Standard Chartered Bank Group CEO Bill Winters (left) and Standard Chartered's Regional CEO ASEAN and South Asia Ajay Kanwal (right) with British High Commissioner James Dauris on Friday in Colombo - Pic by Samantha Perera

Standard Chartered Bank Group CEO Bill Winters on Friday expressed optimism over Sri Lanka noting that the country was well positioned to be a financial and logistics hub and the global giant will continue with its investments. 

Winters one-day stay in Sri Lanka was a landmark event as he was the first global CEO of Standard Chartered Bank to visit the country despite the Bank being in operation here since 1892.

Having previously visited the country five years ago on a family holiday, Winters, who has been the Bank’s Group CEO for the past year, said he was impressed with the new momentum Sri Lanka has achieved.

“I get a real sense of optimism for the way the country is going. I know there is a new government which is finding its way but there is an underlying sense of optimism which is very encouraging. The Government is very supportive of the investments we have made and we will continue to make,” Winters said on Friday.

Accompanied by Standard Chartered’s Regional CEO ASEAN and South Asia, Ajay Kanwal, 

Winters met the Minister of Development Strategies and International Trade Malik Samarawickrama, the Central Bank Governor Dr. Indrajit Coomaraswamy and industry and business leaders as well as clients and staff.

“We have been active in Sri Lanka for over 150 years. We have also been instrumental in bringing international capital including more recently via the two-tranche eurobond of $ 1.5 billion, which was very successful,” the SCB CEO said, adding that Minister Samarawickrama and Governor Coomaraswamy were very appreciative of the bank’s efforts.

“The Government has embarked on an ambitious infrastructure plan and there will be many different sources of financing for the plan and there is expectation for us to bring innovative and constructive forms of financing as well,” Winters added.

He said that SCB was in a privileged position by being a big bank in China, the rest of north Asia, ASEAN, South Asia, the Middle East and Africa.  He noted that capital flows from China were on the rise aside from it promoting the ‘One Belt One Road’ maritime silk route initiative. 

“Sri Lanka is right at the heart of the maritime route and stands to benefit,” he added.

Winters was also upbeat about Government plans to make Sri Lanka a financial and logistics hub. “Sri Lanka has a fabulous opportunity to establish a state-of-the-art financial hub in South Asia. It is not straightforward because you need an international legal framework and compliance culture which are challenging since standards are changing,” he said, adding, “We have extensive experience and are very keen to help.” 

He also noted that the international financial centre in the upcoming Port City would complement Sri Lanka’s aspirations to be a logistical hub and both were very attractive propositions.

The SCB Group CEO also said the bank had been expanding in Sri Lanka and had a “pretty aggressive” investment plan locally and globally. “We have a great team and we have got really fantastic clients,” Winters added.

Commenting on global and regional issues, Winters said that there was a step up in populism globally checkmating free cross-border movement of people and trade. “This will create challenges in access to developed markets. Exporters and manufacturers need to be mindful,” he added.

He also noted that the international global financial system was very strong and remained resilient even though the global economy was going through really radical changes, including the recent Brexit referendum’s outcome. 

Winters was appointed to the Board of Standard Chartered Plc as Group Chief Executive on 10 June 2015, having joined the Group in May 2015, and is based in London. He has had a distinguished career in banking, having spent 26 years with JP Morgan in diverse leadership roles, becoming Co-Chief Executive Officer of the investment bank in 2004 until he stepped down in 2009. 

He was the only career banker to be invited to be a committee member of the Independent Commission on Banking, established by the UK Government in 2010 to recommend ways to improve competition and financial stability in banking.

Subsequently, Winters has served as advisor to the Parliamentary Commission on Banking Standards and was asked by the Court of the Bank of England to complete an independent review of the bank’s liquidity operations. 

Winters founded the hedge fund Renshaw Bay in 2011 where he was Chairman and CEO until he stepped down from the company upon being appointed to the Standard Chartered Plc Board. 

Winters was previously a Non-Executive Director of Pension Insurance Corporation Plc before stepping down in October 2015.  He is an Independent Non-Executive Director of Novartis International AG. He holds a Bachelor’s degree in International Relations from Colgate University and an MBA from the Wharton School at the University of Pennsylvania. He was awarded the title of Commander of the Order of the British Empire (CBE) in 2013.