John Peace, who has been appointed chairman at Standard Chartered, the emerging markets bank, is to receive £650,000 a year plus a further £500,000 in shares that will vest over the next three years. Peace, who became acting chairman after Lord Davies left in January to become UK trade minister, was confirmed in the role on Thursday. Sir Win Bischoff , 67, now tipped to become chairman of Lloyds Banking Group, was also a candidate but it is thought StanChart wanted a candidate who could serve two terms.

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