StanChart's global head of commodities set to leave

StanChart's global head of commodities will leave after four years at the lender in a possible move to restructure the unit and cut risk.

It was not clear whether Cengiz Belentepe's role, who was also head of Financial Markets West, would be retained, Reuters reported citing a memo sent to staff earlier in September.

StanChart confirmed the details of the memo to Reuters.

The commodities unit is housed within StanChart's financial markets business, alongside its operations in foreign exchange, credit and capital markets.

A person familiar with the matter said that "some" of the commodity team's staff would be leaving the bank, Reuters added.

Roberto Hoornweg, StanChart's global head of financial markets, who in the memo also described the commodities unit as a "critical value proposition" for both corporate and financial institutional clients, also said the lender would integrate the commodities sales and structuring team with that for financial market sales and structuring.