Standard Chartered Bank

Standard Chartered is headquartered in London, but around 90 per cent of its profits come from Africa, Asia and the Middle East as of 2012. Its name is derived from the two banks from which it was formed in a merger in 1969: The Chartered Bank of India, Australia and China, and Standard Bank of British South Africa.

Standard Chartered pre-tax profit falls 30 per cent, hit by ‘perfect storm’

Standard Chartered is looking to save US$1.8 billion through aggressive cuts in businesses and headcount in three years. Photo: Bloomberg

Standard Chartered pre-tax profit fell 30 per cent in 2014 to US$4.24 billion, far short of analysts’ expectations

Wednesday, 4 March, 2015, 11:21pm 4 comments

Standard Chartered on course to follow HSBC in profit-drop surprise

Standard Chartered relaunched its global strategy in 2013, with little to show for it, and chief Peter Sands is on the way out.Photo: Bloomberg

Will Standard Chartered earnings pack a surprise like HSBC's?

The bank is expected to report today underlying profits falling below those of last year. That would come less than a week after announcing that its long-embattled chief executive Peter Sands will exit the bank in June. The results would also follow a surprisingly steep tumble in profits at rival HSBC.

3 Mar 2015 - 9:08pm

Standard Chartered said mulling sale of Philippine retail unit

A woman walks down the stairs of a Standard Chartered office as the lender mulls plans to sell its retail unit in the Philippines to cut costs. Photo: Reuters

Standard Chartered is looking to sell its retail business in the Philippines, part of a wider bid by embattled CEO Peter Sands to cut costs and shrink the bank’s asset base, a person with direct knowledge of the matter said.

3 Feb 2015 - 4:50pm

StanChart shares tumble on reports CEO to be replaced by end of the year

The Standard Chartered logo flies behind China's flag in Hong Kong's Central business district. The lender's shares fell on Monday on reports its CEO, Peter Sands, will be replaced by year end. Photo: Bloomberg

Standard Chartered shares closed down by about 1 per cent on Monday at HK$110 after British media reported that the bank was seeking to replace chief executive Peter Sands by the end of the year.

26 Jan 2015 - 6:03pm

Standard Chartered in deal to sell Hong Kong, Shenzhen consumer units

Standard Chartered wants to shore up corporate banking to better absorb a slowdown. Photo: Reuters

Standard Chartered is selling its Hong Kong and Shenzhen consumer finance businesses to a consortium that includes a mainland state enterprise, helping the lender to clinch its biggest asset disposal as part of a restructuring.

17 Dec 2014 - 6:32am

StanChart and HSBC escape British tax move

StanChart and HSBC escape British tax move

HSBC Holdings and Standard Chartered will largely escape new measures from the British government that will raise up to US$6.3 billion in additional taxes levied on the country's banking industry.

5 Dec 2014 - 5:27am

Standard Chartered hit with first S&P downgrade in 20 years

It was S&P's first downgrade since it assigned Standard Chartered a rating in 1994.

Ratings agency Standard & Poor's cut its credit rating on Standard Chartered for the first time in 20 years yesterday, citing the "tough period" the Asia-focused bank was going through and its weaker creditworthiness.

29 Nov 2014 - 4:47am

StanChart banks on long-term benefits from sustainability work

Mark Devadason, Standard Chartered's global head of sustainability, said the contribution the bank made was a "bit less than 1 per cent" of the previous year's profit before tax.

Sustainability programmes are big business at global banks, but not the kind of business that is boosting profits - at least not in the short run.

24 Nov 2014 - 4:59am

Standard Chartered sticks with commodities trade

Standard Chartered is closing businesses and cutting jobs in Korea, China and the Middle East.

Standard Chartered chief executive Peter Sands said financing commodity trade will remain an essential part of its business even after falling prices worldwide helped curb a decade of profit growth.

15 Nov 2014 - 4:46am

Standard Chartered to axe up to 100 bank branches next year

Standard Chartered has been suffering for several years, with bad debts and a large US fine hitting its earnings. Photo: Bloomberg

Asia-focused bank Standard Chartered plans to cut up to 100 retail branches next year, or 8 per cent of its network, to help save US$400 million a year to improve profitability.

12 Nov 2014 - 6:29am

Standard Chartered issues credit-tied note as sales jump

Standard Chartered reported impairment losses and other credit risk provisions surged 86 per cent.

Standard Chartered has sold its biggest note tied to the debt of one of the mainland's four largest lenders as sales of similar credit-linked securities globally surge to a record.

3 Nov 2014 - 4:19am

Standard Chartered hit by flurry of downgrades after profit sinks

Standard Chartered says it has a plan to combat inefficiencies in its businesses after reporting a disappointing quarter. Photo: Bloomberg

Major securities houses downgraded their outlook on Standard Chartered's share price by up to 24 per cent as it finished at its lowest level in almost 51/2 years, pummelled by disappointing third-quarter profit and heightened worries over bad debt.

30 Oct 2014 - 5:15am

Standard Chartered operating profit sinks 16.4pc as markets, regulations weigh

The bank's operating income in the first nine months was down 3 per cent to US$13.78 billion over the same period last year. Photo: AP

Shares of lender Standard Chartered, which derives about three-quarters of its earnings in Asia, were hammered yesterday on news that operating profit sank 16.4 per cent in the third quarter of the year.

29 Oct 2014 - 8:02am 1 comment

Standard Chartered tells thousands of UAE firms it's shutting their accounts

The regulations that Standard Chartered must comply with in the UAE were tougher than in Hong Kong. Photo: Bloomberg

Standard Chartered said it would exit part of its small and medium-sized enterprises (SME) business in the United Arab Emirates, leading to the closure of thousands of accounts there.

The UK-based bank's move comes after a New York regulator fined the bank US$300 million in August for failing to flag high-risk transactions in the UAE and Hong Kong.

21 Oct 2014 - 7:37am

Long, hard road ahead for HSBC and StanChart

HSBC is to pay more than US$550 million for bad practices in its mortgage-backed securities business before the financial crisis. Photo: AFP

Just weeks after HSBC Holdings and Standard Chartered delivered painful interim results in August, US agencies saddled the banks with hefty fines.

20 Oct 2014 - 5:05am