Standard Chartered will appoint John Peace, who is at present the acting chairman of the global banking major, as its chairman, says a media report.
"Standard Chartered is set to appoint John Peace, a boardroom heavyweight known mostly for his retail experience, as its chairman," The Times said.
The report noted that Standard Chartered may make an announcement as early as today.
Peace is already on Standard Chartered's board and has been acting Chairman since Lord Davies of Abersoch left the bank in January to join the Government as Trade Minister.
The 60-year-old Peace is also the chairman of Burberry, the luxury fashion chain, and Experian, the credit-checking firm, the report said.
His appointment at Standard Chartered would fill one of the vacant high-profile roles in the financial sector.
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The London-listed bank is highly regarded in the city and in government circles for having avoided the pitfalls of the financial crisis and it has not taken any financial assistance from the taxpayer.
The appointment is likely to mean that Peace would not become chairman of J Sainsbury, another role that he has been tipped for.