Talwar left after falling out with Standard Chartered chairman Sir Patrick Gillam. It is believed that the former chief executive was keen on a merger with another bank, possibly Barclays. Gillam was determined that the bank retained its independence.
Standard Chartered has confirmed that Mr Talwar is set to receive £590,000 in May and five further payments of just over £390,000 before August 2003.
The bank has also agreed to pay a bonus of £200,000 for Talwar's work last year.
Ex Standard Chartered Boss To Get Millions
Rana Talwar was the chief executive of emerging markets bank Standard Chartered until last November. He was ousted following disagreements over future strategy and questions about his own management style. Talwar has has now reached agreement with his previous employers and looks set to get a pay-off of up to £3.2m.
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