Standard Chartered, the London-based emerging markets bank, has finally named Bryan Sanderson, formerly on the board of BP, the UK oil company, as the replacement for chairman Sir Patrick Gillam when he retires in May 2003.

Gillam had promised shareholders at the bank's annual meeting in May that his successor would be revealed with the interims results in August, but it is understood that the selection process proved more difficult than expected due to the increased focus on corporate governance.