One of the top global executives of Standard Chartered, V Shankar,  is stepping down later this year, the bank said.

Shankar is the chief executive officer of Middle East, Africa, The Americas of the bank.

He is planning to start a private equity fund that will focus on South Asia, South East Asia, Middle East and Africa, Shankar was quoted as saying by India's Economic Times newspaper.

Shankar, who was with the bank for 13 years, is among the latest senior executives to leave the bank.