Tony Singh Resigns From Grindlays

ANZ Grindlays country head Anoorop (Tony) Singh has quit. Singh, in his late 40s, is likely to join an insurance outfit. In an internal communication to the management, Singh said he has decided to "pursue something in the outside world". He will formally resign towards the end of August when he will announce his next assignment. Singh joined ANZ Grindlays in July last year after a stint as country head of Bank of America where he supervised the sale of BankAm retail assets to ABN Amro. Prior to that, he was heading the retail business in American Express. Grindlays insiders said the exit of the "strategic thinker" will trigger an exodus which has been acquired by Standard Chartered Bank in India. Rahul Khosla, head of retail banking in ANZ Grindlays, kicked off the process by putting in his papers ahead of Singh. Khosla is expected to join either Visa International or GE Capital, sources said, while Singh may head an insurance outfit. in Delhi. Another senior Grindlays executive, Rajiv Maliwal (head, corporate banking), is likely to stay back and take up a new assignment in either London or Singapore, sources said. Singh was forced to quit as Jaspal Bindra, former head of corporate and institutional banking at Standard Chartered Bank, took over as the chief executive officer (CEO) of the newly formed StanChart Grindlays "" the new avatar of ANZ Grindlays in India. Sources close to the bank said he was not willing to take up any overseas assignment. Harpal Duggal, head of consumer banking at Standard Chartered, was made the CEO of StanChart in India early this month. The appointments of the two CEOs in the first week of August kicked off the integration process of the two banks in India following StanChart's $1.3 billion acquisition of ANZ Grindlay's operations in Middle East and south Asia (MESA).