Sunil Mittal to step down from StanChart board

The chairman of Bharti Airtel, India's leading mobile operator, will resign from the board of Standard Chartered with effect from July 31, according to a company statement.

The chairman of Bharti Airtel, India's leading mobile operator, will resign from the board of Standard Chartered with effect from July 31, according to a company statement on Tuesday.

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Sunil Bharti Mittal, who has been a non-executive director of Standard Chartered since August 2007, said he was resigning as he found it difficult to balance involvement with Bharti Enterprises with his role of a bank board member.

Bharti Enterprises is the unlisted parent of Bharti Airtel.

Standard Chartered is advising Bharti in a deal that could lead to a merger with South Africa's MTN Group, creating the world's No. 3 wireless group with more than 200 million subscribers and combined revenue of $20 billion.