IMF's Jose Vinals to succeed John Peace as StanChart chairman

Standard Chartered has appointed Jose Viñals – currently the financial counsellor and director of the Monetary and Capital Markets Department of the International Monetary Fund – as chairman designate.

He will replace Sir John Peace as chairman when he steps down on 1 December.

The appointment follows an extensive external search by senior independent director Naguib Kheraj.

Viñals kicked off his career as an economist before spending 25 years at the Central Bank of Spain, where he became Deputy Governor. He also held many other board and advisory positions including chair of Spain's Deposit Guarantee Fund, chair of the International Relations Committee at the European Central Bank, and member of the Economic and Financial Committee of the European Union.

Chief executive officer Bill Winters said: “José brings deep and extensive economic, political and regulatory experience of our markets and an exceptional grasp and understanding of the international financial system.

“We have made significant progress in the delivery of our strategic objectives and I look forward to working with José on the next phase of the group's growth. He's a proven leader, truly global in his perspective and I am delighted that we'll be working together."

At 1530 BST, StanChart shares were up 0.8% to 628.30p.