India (Commonwealth Union)_ Renowned banker Rana Talwar, the trailblazing individual who became the first Indian to lead Standard Chartered Plc, passed away at the age of 76. The esteemed son-in-law of real estate magnate K P Singh, the chairman emeritus of DLF, breathed his last on Saturday. Notably, Talwar held the position of a non-executive director on the board of DLF. In an official exchange filing, DLF conveyed the regretful news, stating, “The company regrets to inform you about the sad demise of Gurvirendra Singh Talwar, non-executive director of the company, on Saturday, January 27, 2024, which was intimated to the company by the family members.”
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DLF, recognizing Talwar’s significant contributions, expressed gratitude, acknowledging his invaluable guidance and vision that immensely benefited the company. Peers and colleagues who had the privilege of working with Talwar remembered him as an embodiment of the traits of a classic, old-style banker. Sanjay Nayar, former CEO of Citi India and South Asia, as well as former CEO of KKR India, lauded Talwar as a classic banker and a true gentleman. Nayar emphasized Talwar’s role as the epitome of a classic banker, praising his approach to banking, presentation skills, interpersonal relations, and even his sartorial elegance, leaving indelible memories.
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Expressing sadness at the news of Talwar’s passing, Nayar, who had collaborated closely with him, reflected on their interactions, stating, “I used to meet him in the UK and in India, and it is very disheartening to learn of his demise.” Talwar’s demise has left a void, with Nayar underscoring the enduring connections that Talwar maintained with those who had worked alongside him or knew him. Survived by his wife Renuka and son Rahul, Talwar’s journey began in 1948. He attended Lawrence School, Sanawar, and later pursued economics at St Stephen’s College in New Delhi. His professional career commenced at Citi in India, where he played a pivotal role in building the US lender’s retail franchise across the Asia-Pacific and West Asia.
Notably, Talwar etched his name in history by becoming the first Indian to lead a multinational bank, Standard Chartered Plc. Serving as the group chief executive from 1997 to 2002, he played a crucial role in transforming StanChart into one of the foremost emerging market banks. Talwar’s impact extended beyond his leadership at StanChart. He played a key role in significant acquisitions, including the trade finance business of UBS, Grindlays Bank in India and West Asia from ANZ, and the credit card business from Chase Manhattan in Hong Kong.
After his tenure at StanChart, Talwar founded Sabre Capital, a private equity firm that notably invested in Centurion Bank, a consequential deal at the time. Chairing Centurion Bank, which later merged with Bank of Punjab to become Centurion Bank of Punjab (CBoP), Talwar witnessed its acquisition by HDFC Bank in 2008. His influence was also felt on the boards of companies such as Asahi India Glass and Great Eastern Energy Corporation, where he lent his expertise to shape business strategies and navigate the course of the banking sector in Asia and beyond.
