Rana Talwar, first Indian to head a global bank, dies at 76

Veteran banker Rana Talwar, who was the first Indian to head a global bank—Standard Chartered Plc, died at the age of 76 years.

Talwar, son-in-law of DLF Group chairman emeritus K P Singh, breathed his last on Saturday, sources said. He is survived by his wife Renuka and son Rahul.

Besides DLF, he served on the boards of various companies, including Asahi India Glass Limited and Great Eastern Energy Corporation Limited. The company regrets to inform about the sad demise of Talwar, a non-executive director, on Saturday, January 27, 2024, which was intimated to the company by the family members, DLF said in a regulatory filing.

Born in 1948, Talwar started his career as a banker in India with Citi Bank after passing out of the prestigious St Stephens College, Delhi.

During his stint at Citi Bank, Gurvirendra Singh Talwar also known as Rana Talwar, was responsible for building the US-based bank's retail businesses across Asia Pacific and the Middle East.

He was subsequently responsible for all of Citibank's retail businesses across Europe and the United States. He was a member of the Citibank/ Citigroup Policy and Operating Committees.

Talwar left Citibank in 1996 to join Standard Chartered Plc as Global Chief Executive. He was the first Asian to become the Chief Executive of an FTSE 25 company and of a major global bank.

He was responsible for repositioning Standard Chartered Plc as a leading emerging markets bank, including the acquisition of Grindlays Bank from ANZ Bank.

Talwar left Standard Chartered Plc in 2002 to establish Sabre Capital Worldwide, a private equity firm, as its founder chairman and majority stakeholder.

One of Sabre Capital's biggest deals in India was the acquisition of a strategic stake in Centurion Bank. Talwar was later instrumental in its merger with HDFC Bank.

DLF in the regulatory filing acknowledged his contributions on the board of the company and said the company benefitted immensely from his valuable guidance and vision.

The passing away of Talwar will be an irreparable loss to the company and all the directors and employees of the company convey their deep sympathy, sorrow and condolences to the family, it added.