Dive Brief:
- Standard Chartered appointed Manus Costello as its group finance chief subject to regulatory approval, the bank announced in a May 17 press release. He became the interim group CFO with immediate effect.
- Costello will succeed Peter Burrill, who became interim GCFO on Feb. 10 as the company announced that Diego De Giorgi was departing for an external opportunity. Di Giorgi, who served as finance chief for about two years, moved to the role of partner and head of Europe, Middle East and Africa for private equity firm Apollo Global Management following his departure from Standard Chartered, CFO Dive sister publication Banking Dive reported at the time.
- The London-based bank announced Costello’s appointment approximately a day before its investor day is set to occur in Hong Kong, according to its website. During the event, Costello, alongside Standard Charted CEO Bill Winters, will “share our growth strategy and medium-term financial framework for the Group,” Costello wrote in a Monday post on LinkedIn.
Dive Insight:
Costello joined Standard Chartered in 2024 as its global head of investor relations, according to his LinkedIn profile. His previous experience includes a 14-year career at AllianceBernstein as global head of research, and he also served as senior director of equity research for Merrill Lynch.
“I’m honoured to take on the role of Group Chief Financial Officer at Standard Chartered, subject to regulatory approval,” Costello wrote in his Monday post. “We operate across some of the world’s most dynamic markets, and strong financial discipline is essential to creating long-term value for our clients, shareholders and communities.”
As CFO, Costello will receive an annual base salary of £1.1 million GBP (approximately $1.4 million USD). He is also set to receive a pension allowance of £110,000 GBP, equivalent to 10% of his base salary, according to the bank. He will also be eligible for “discretionary variable pay,” with the first long-term incentive plan award to be received in 2026.
Since joining in 2024, Costello has made “a significant contribution to the Group’s strategic positioning and engagement of stakeholders, while also bringing strong rigour and an entrepreneurial mindset to the role,” Winters said in a statement included in the press release. The bank will continue to rely on Costello’s expertise as it targets its next phase of growth, he said, which includes further expansion into the cryptocurrency and digital assets.
The bank on Monday announced its offer to acquire Zodia Custody, a digital asset custodian backed by SC Ventures, had been accepted by shareholders. The deal, subject to regulatory approval, will bring Zodia’s custody services into the bank’s custody financing and securities services business, the company said in a press release.
The pending acquisition follows approximately a month after Archerpoint, a joint venture by Standard Chartered Limited, based in Hong Kong, and Animoca Brands, became one of the first entities to receive a stablecoin issuer license from the Hong Kong Monetary Authority, according to an April 10 press release. The license allows the entity to issue HKDAP: regulated stablecoins backed by the Hong Kong dollar.
The CFO appointment is also one of several executive leadership appointments made by the bank in recent months. Standard Chartered also appointed Tanuj Kapilashrami as its group chief operating officer, effective immediately, according to the May 17 release. The COO role will oversee strategy and “group-wide transformation, ensuring disciplined delivery and resilience of our corporate functions,” the company said.
At the start of the month, the bank appointed Michelle Sweanepoel as its head of financing and securities services for the Middle Eat and Africa, succeeding Scott Dickinson, according to a press release at the time. The bank has also hired new leaders for its global transaction services and digital assets team and its global coverage team for corporate and investment banking, according to announcements.
