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Standard Chartered sets example on disclosure

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IT is taking time, but Western investors are coming to grips with the concept that Asian banking is a growth business.

The swoop on Midland by the Hongkong and Shanghai Banking Corp opened a lot of eyes to the financial strength that exists around the Pacific Rim. This week, Standard Chartered's results brought the attractions of our banks further into focus.

End-of-week trading in London saw Standard Chartered shares shooting up towards its all-time high of GBP10 as buyers piled in.

There was talk of a takeover bid, but analysts point out that the bank may already have built up its own self-defence mechanism with its latest results.

Much of the real enthusiasm is due to this week's results, a 35 per cent jump in profits to $1.26 billion.

But the Far East story is also fuelling demand.

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