 "Rana Talwar, the first Indian to head a multinational bank")
Rana Talwar, the first Indian to head a multinational bank, passed away on Saturday at the age of 76. Talwar, the son-in-law of real estate tycoon K P Singh, chairman emeritus of DLF, also served on the board as a non-executive director.
“…the company regrets to inform you about the sad demise of Gurvirendra Singh Talwar, non-executive director of the company on Saturday, January 27, 2024, which was intimated to the company by the family members,” DLF said in an exchange filing.
Acknowledging Talwar’s contribution, DLF stated, “We acknowledge his contributions on the board of the company and would like to place on record that the company benefited immensely from his valuable guidance and vision.”
Bankers who worked with Talwar described him as a gentleman who embodied the traits of an old-style, classic banker.
Sanjay Nayar, the former chief executive officer of Citi India and South Asia and former chief executive officer of KKR India, asserts that Talwar was a classic banker and a thorough gentleman. Nayar remarked, “He was the absolute epitome of a classic banker, the ultimate people’s person. His approach to old-style banking, his impeccable presentation, his treatment of people, and even the way he dressed are enduring memories etched in our minds.”
“A thorough gentleman who elevated Citi and Standard Chartered (StanChart) to new heights,” Nayar added, emphasising that Talwar maintained connections with those who had worked alongside him or knew him. Reflecting on their interactions, Nayar expressed sadness at the news of Talwar’s passing. “I used to meet him in the UK and in India, and it is very disheartening to learn of his demise,” Nayar, who had collaborated with Talwar, remarked.
Talwar is survived by his wife Renuka and son Rahul. Born in 1948, Talwar attended Lawrence School, Sanawar, and then St Stephen’s College in New Delhi, where he studied economics. After graduating from St Stephen’s, he joined Citi in India and was responsible for building the US lender’s retail franchise across the Asia-Pacific and West Asia. He was an executive vice-president and policy committee member at Citicorp and Citibank.
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He was the first Indian to head a multinational bank, British Standard Chartered Plc. He served as the group chief executive of StanChart Plc from 1997 to 2002 and was responsible for transitioning StanChart into one of the leading emerging markets banks.
Talwar played a crucial role in StanChart’s major acquisitions, including the trade finance business of UBS, Grindlays Bank in India and West Asia from ANZ, and the credit card business from Chase Manhattan in Hong Kong. He left StanChart to establish Sabre Capital, a private equity firm. One of the significant banking sector deals of that time was Sabre’s strategic investment in Centurion Bank.
Talwar served as the chairman of Centurion Bank, which later merged with Bank of Punjab and became known as Centurion Bank of Punjab (CBoP). In 2008, HDFC Bank acquired CBoP.
Talwar, who altered the course and business strategies of banks in Asia and overseas with his impeccable deal-making skills, also served on the boards of companies like Asahi India Glass and Great Eastern Energy Corporation.
