Standard Chartered Sees Recovery

10 years ago

Standard Chartered chief executive Mervyn Davies said on Friday that the bank was starting to see an economic recovery in its main Asian markets, although there are still concerns about the number of bankruptcies in Hong Kong.

Hong Kong is, however, the bank's biggest market as it accounts for almost a third of group profits. It is also key to the bank's strategy as it is rightly seen as the gateway to China. Although the bank has had a presence in China since 1858, the bank generates only a small fraction of its revenues from there.

Davies confirmed that the bank wished to compete with the likes of HSBC and Citigroup in China and feels that the planned stock market listing in Hong Kong later this year will help raise the profile in the region.

On balance Davies was bullish about future prospects when he said: 'On the macroeconomic situation, we are in the lap of the gods, but the good news is there are some signs of recovery across our markets.'

LEAD BUSINESS STORY: Three Firms Where Staff May Feel A Little Nervous

Spotlight on....