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StanChart investor Aberdeen backs StanChart CEO succession plan

Reuters - UK Focus

(Refiles to fix headline)

LONDON, Feb 26 (Reuters) - Aberdeen Asset Management (Other OTC: ABDNF - news) , the second largest shareholder in Asia-focused bank Standard Chartered (HKSE: 2888.HK - news) , said ex-JPMorgan executive Bill Winters was an "inspired choice" to lead the Asia-focused bank.

Aberdeen CEO Martin Gilbert said Winters' experience at JPMorgan would be "invaluable" in building on the bank's "strong foundations".

Sands, who has led the bank since 2006, has attracted scathing criticism from major investors for poor governance following a U.S. fine for sanctions-busting and after failing to protect the bank's earnings from economic slowdown in many of its core emerging markets.

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In January StanChart announced it was axing 4,000 jobs in retail banking and quitting the bulk of its equities business in response to the tougher trading environment but costs and capital levels have continued to spook shareholders.

Earlier on Thursday, the bank's largest shareholder, Singapore's Temasek said it welcomed news of Winters' appointment and praised Standard Chartered for its "orderly CEO succession". (Reporting By Sinead Cruise, editing by Steve Slater)