Top Standard Chartered banker quits to raise PE fund

Shankar is said to be looking to raise about $1 billion for his first fund, which will launched around September once his gardening leave ends.

"I've been toying with the idea because I started the private-equity business here after I joined Standard Chartered," he told Bloomberg. "It would be reasonable size deals and focus on the markets that I'm intimately familiar with, both from Standard Chartered and Bank of America, which is essentially Asia, Africa and the Middle East."

Shankar, who is currently based in Dubai, spent 13 years with Standard Chartered, including three years as group executive director. Prior to that he spent 19 years at Bank of America. In a statement Standard Chartered said Shankar would leave his position at the end of April.

The news comes after a difficult year for Standard Chartered which has suffered the combined effects of falling commodity prices, a slowdown in growth in some of its core Asian markets, and rising regulatory costs.

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