(Bloomberg) -- Standard Chartered Plc’s China Chief Executive Officer Jerry Zhang will take on a new role as global co-head of financial institutions coverage, as part of a broader reshuffle within the bank’s new corporate and investment bank. 

Zhang will continue in her CEO role until a successor is confirmed and then move to Hong Kong, according to an internal memo. She will co-head financial institutions coverage with Molly Duffy, the head of financial markets for Europe & Americas. A spokeswoman for the bank confirmed the appointment.

China is a key market for Standard Chartered and the lender this year commenced operations for its Beijing headquartered securities business. The business focuses on underwriting, asset-backed securities and brokerage.

However, the UK bank has also been hit by China’s real estate crisis and slowing economy. Last year, it took an impairment of $700 million on China Bohai Bank. It has also taken provisions related to China commercial real estate. 

StanChart Names New Regional Heads in Investment Bank Reshuffle

The UK lender reported an underlying pretax profit of $260 million China in 2023, down about 9% from the previous year. Zhang was named China CEO in 2014 and also heads up operations in Japan.

Standard Chartered overhauled its business last month, appointing Roberto Hoornweg and Sunil Kaushal co-heads of its newly renamed corporate and investment bank business. The duo announced Zhang’s appointment along with others around early April. 

As part of the overall changes, Stella Choe, who joined the bank last year to lead global subsidiaries, takes on an expanded role leading corporate coverage globally. 

--With assistance from Tom Metcalf.

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