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Article: United Kingdom: Standard Chartered 79% Return Overtakes HSBC With Asian Rebound.
- Article from:
- TendersInfo
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: kusumv03
Standard Chartered Plc, the third- largest bank in the United Kingdom by market value, wants to do business almost exclusively in Asia and emerging markets. Any executive of the lender who dares to depart from that strategy risks the wrath of Mike Rees, the chief executive officer for corporate banking.
The reason for what Wallace calls the bank s maniacal determination to stick to the Asia-based model is its history of false starts. Beginning in the 1970s, Standard Chartered went through a series of acquisitions and expansions that gave it branches and affiliates on every continent -- and landed it in a sea of red ink in the 1980s. The ...