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Sorry for the Mega style title, but Standard Chartered is a bank that has its roots in the UK. Many of you in North America may never have heard of this bank, particularly since its name has not come up in the news in the same fashion as Barclay's, RBOS, etc. It is a serious competitor to HSBC in Asia and the Middle East.
This is the bank I started using when I started working abroad and I can tell you from personal experience you won't find another bank as stodgy and unexciting as this one. Most of my western expatriate friends used HSBC or Citi because, unlike Standard Chartered, they have retail branches in Europe and North America, and offered a much wider range of products. Some have been moving their accounts...
This is the bank I started using when I started working abroad and I can tell you from personal experience you won't find another bank as stodgy and unexciting as this one. Most of my western expatriate friends used HSBC or Citi because, unlike Standard Chartered, they have retail branches in Europe and North America, and offered a much wider range of products. Some have been moving their accounts...
StanChart profits rise, says strong start to 2009
Tue Mar 3, 2009 6:19am EST
LONDON, March 3 (Reuters) - Standard Chartered (STAN.L) said it made a strong start to 2009 after posting a 19 percent profit rise, and predicted an economic downturn in its key Asia region would be "shorter and shallower" than in the west.
The bank, which gets two thirds of its revenue from Asia, said on Tuesday it had made a strong start to 2009, especially in its wholesale banking division.
That sent its shares as much as 13 percent higher, before concerns about consumer banking pared gains.
"Asia will obviously see a sharp correction in economic performance. But I think it will be shorter and shallower than what you will see in the west," Chief Executive Peter Sands told reporters on a conference call.
"The ingredients of the deleveraging spiral and financial crisis in the west aren't present in most countries in Asia to anything like the same extent," he said.
Standard Chartered (2888.HK) posted a 2008 pretax profit of $4.8 billion...
...Asia has been more resilient than Europe and the United States, but a deterioration in the fourth quarter showed the notion of "decoupling" -- that Asia would be immune to problems in the west -- has "been demolished," Sands said...
Tue Mar 3, 2009 6:19am EST
LONDON, March 3 (Reuters) - Standard Chartered (STAN.L) said it made a strong start to 2009 after posting a 19 percent profit rise, and predicted an economic downturn in its key Asia region would be "shorter and shallower" than in the west.
The bank, which gets two thirds of its revenue from Asia, said on Tuesday it had made a strong start to 2009, especially in its wholesale banking division.
That sent its shares as much as 13 percent higher, before concerns about consumer banking pared gains.
"Asia will obviously see a sharp correction in economic performance. But I think it will be shorter and shallower than what you will see in the west," Chief Executive Peter Sands told reporters on a conference call.
"The ingredients of the deleveraging spiral and financial crisis in the west aren't present in most countries in Asia to anything like the same extent," he said.
Standard Chartered (2888.HK) posted a 2008 pretax profit of $4.8 billion...
...Asia has been more resilient than Europe and the United States, but a deterioration in the fourth quarter showed the notion of "decoupling" -- that Asia would be immune to problems in the west -- has "been demolished," Sands said...