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Article: Hong Kong revival raises Standard Chartered profits for 2004.
- Article from:
- Sunday Business (London, England)
- Article date:
- February 13, 2005
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Byline: Ben Wright
Feb. 13--Standard Chartered is expected to post a sharp rise in 2004 profit, up 35 percent to $2.1bn ([pounds sterling]1.1bn, E1.6bn), thanks to solid growth in Asia Pacific operations and a sustained recovery in its biggest market, Hong Kong.
But investors are likely to focus on its recent Korean acquisition and rumours that larger rivals are keen to snap up stakes in the Asia-focused bank.
Takeover speculation has followed the bank since the Singapore-based billionaire Khoo Teck Puat, who owned a 13.2 percent stake, died last year. There is uncertainty over whether his family want to retain the stake or are preparing to ...