Standard Chartered Bank yesterday announced the appointment of Jeffrey Williams as their new chief executive officer for Taiwan. Williams, a 15-year veteran of the local finance industry, will also concurrently serve as head of consumer banking.
According to one industry watcher the move demonstrates Standard Chartered is bullish on Taiwan's expected WTO entry this year.
"Standard Chartered is ambitiously eying Taiwan's consumer banking market," said Henry Cheng (鄭百亨), director of Manulife Funds Direct Taiwan. "A veteran like Williams is likely to help Standard Chartered compete with their numerous peers." "Unlike American banks, such as Citi-bank, British Banks like HSBC and Standard Chartered Bank are more conservative when exploring international markets," Cheng said.
"But once a British bank decided to be aggressive, it's war."
"What Standard Chartered is targeting is the vast potential of Taiwan's retail market, including private banking, credit card business and credit loans," Cheng said.
"Since the government has decided to deregulate the discretionary managed account business and Taiwan poised to enter the WTO soon ... these factors have forced Standard Chartered to readjust its strategy in Taiwan, Cheng said.
"Before beginning a massive battle, Standard Chartered needs a veteran familiar with local culture and financial markets."
Standard Chartered's Group Executive Director for Hong Kong, China and North East Asia, Mervyn Daives, echoed that sentiment as well.
Williams was chosen for the wealth of local experience he brings to the position as the leader of the bank's "fastest growing market worldwide."
Williams settled in Taiwan after receiving his MBA from Harvard Business School in 1982.
Prior to joining Standard Chartered last September as head of consumer banking, Williams was Taiwan country manager for American Express' Travel Related Services for five years. In the late 1980s, Williams spent another three years with Citibank in Hong Kong and China.
Standard Chartered has been seeking a local banking industry partner for nearly one year.
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