Bid buzz as Standard boss quits

STANDARD Chartered confirmed the departure of Rana Talwar, chief executive of the London listed but largely Far East-based bank. Talwar, 52, has been chief executive for three years, in which time he has led a series of acquisitions but also rebuffed informal approaches from Barclays and Lloyds TSB.

He will be replaced by Mervyn Davies, 48, head of Standard Chartered's operations in Hong Kong. Last year Talwar, who spent 15 years with Citibank before joining Standard, was paid a basic salary of £606,000 but more than doubled that with a bonus of £780,000 to take his total package to £1.4m. It is believed that he could receive a pay-off of at least £2m.

Early this week Talwar denied reports of a rift over strategy with chairman Sir Patrick Gillam, saying: 'Let the record speak for itself. How can a board that is divided do as many transforming deals as we have done in the last 18 months?'

He said today: 'I recognise that now is an appropriate time to move on. After 33 years working in the industry, I look forward to taking a break before considering other opportunities.'

Talwar's departure is certain to increase speculation that the bank, valued at more than £9.5bn, could become the target of takeover bid.