Standard Chartered has recruited Jose Vinals, the former deputy governor of the Bank of Spain, as its new chairman.
Mr Vinals will join the company on October 3 and take over from Sir John Peace, who leaves his posts as chairman and director on December 1.
The bank said Mr Vinals will receive an annual salary of £1.25 million alongside "standard benefits".
Speaking about his appointment, Mr Vinals, said: "I am honoured to be joining Standard Chartered. It's a fabulous organisation with a rich history and enormous potential."
The Spanish economist, who spent 25 years at the Bank of Spain, is currently a financial counsellor and the director of the monetary and capital markets department at the International Monetary Fund (IMF).
He has been a member of the IMF's financial stability board for the past seven years.
Bill Winters, group chief executive, said, "Jose brings deep and extensive economic, political and regulatory experience of our markets and an exceptional grasp and understanding of the international financial system.
"We have made significant progress in the delivery of our strategic objectives and I look forward to working with Jose on the next phase of the group's growth. He's a proven leader, truly global in his perspective and I am delighted that we'll be working together."
The announcement comes as the global banking giant also appointed Naguib Kheraj as its deputy chairman.
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