Departing bank chief may get £3m

Standard Chartered, one of Britain's biggest banks, today parted company with its chief executive Rana Talwar and is expected to pay him up to £3million in compensation.

Mr Talwar received a total package of £1.4 million last year and is on a two-year contract. A 53-yearold Indian, Mr Talwar has been at the helm of Standard Chartered for three years. There were rumours of growing tension between himself and chairman Sir Patrick Gillam.

He will be replaced by 49-year-old Welshman Mervyn Davies, who has recently been running Standard's Hong Kong office.

Standard is worth more than £9billion on the stockmarket and operates in developing countries. It also has a strong presence in the Far East. The bank brushed aside speculation that Mr Talwar's departure opens the door to potential bidders.