MOVES-IMF's Vinals to chair Standard Chartered

By Christopher Spink

LONDON, July 27 (IFR) - A senior executive at the International Monetary Fund has been appointed chairman of Standard Chartered (HKSE: 2888.HK - news) . Jose Vinals, financial counsellor and director of the monetary and capital markets department at the IMF, will succeed Sir John Peace on December 1.

Vinals will join the board as chairman designate on October 3.

Standard Chartered is the latest in a series of UK-headquartered financial institutions to appoint a senior public policymaker as chairman. Last month John Kingman, the second most senior civil servant in the UK's Treasury department, was appointed chairman of insurer Legal & General (LSE: LGEN.L - news) and last year former financial regulatory chief Howard Davies became chairman of RBS (LSE: RBS.L - news) .

Standard Chartered has been looking for a new chairman for over a year, since Bill Winters was appointed chief executive in February 2015.

Winters said Vinals' experience with central banks and governments worldwide would prove invaluable.

"Jose brings deep and extensive economic, political and regulatory experience of our markets and an exceptional grasp and understanding of the international financial system," he said.

Before joining the IMF, Vinals worked at the Bank of Spain, becoming deputy governor of the central bank. He will be paid £1.25m for the four-day-a-week role.

Senior (Other OTC: SNIRF - news) independent director Naguib Kheraj, who led the search, will also be appointed deputy chairman from December 1. (Reporting by Christopher Spink)