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StanChart declined to comment on the reports of a fresh bid, while FAB did not respond to requests for comment. While StanChart's balance sheet, staff numbers and global footprint dwarf FAB's, it is worth half as much. StanChart's shares rose by 11% on Thursday after Bloomberg News reported that a possible FAB bid would value its target at $30 billion to $35 billion, a significant premium to the Asia-focused banking powerhouse's $24 billion market value. A second shareholder questioned whether FAB's shares would be attractive to British-based holders of StanChart stock. "I can't think shareholders would relish adding a small Gulf bank to Stan's current geographic mix," the investor added.

☆ First Abu Dhabi Bank could renew $35 billion offer for StanChart -Bloomberg News
▼ + stars: | 2023-02-09 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

LONDON, Feb 9 (Reuters) - First Abu Dhabi Bank (FAB.AD) (FAB), the United Arab Emirates' biggest lender, could renew a potential offer for Britain's Standard Chartered (STAN.L), once lock-up rules from its previous aborted bid expire, Bloomberg News reported on Thursday. A StanChart spokesperson declined to comment on the report, while FAB could not immediately be reached for comment. News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so. The Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billon compared with StanChart's market value of $24 billion, Bloomnberg reported. Saudi National Bank in October announced it was investing up to $1.5 billion in Credit Suisse, representing a stake of up to 9.9%.

☆ Earnings, M&A chatter lift FTSE 100 to record high, Entain tumbles
▼ + stars: | 2023-02-09 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.7% to touch a record high of 7,943.68, while the midcap FTSE 250 index (.FTMC) inched up 0.1%. AstraZeneca (AZN.L) jumped 4.3%, set for its best day in nearly a year, after the drugmaker forecast earnings growth in 2023. Unilever (ULVR.L) rose 0.4% after the consumer goods giant reported quarterly underlying sales growth above expectations. Watches of Switzerland Group (WoS) (WOSG.L) slumped 13.1% after it gave its quarterly trading update. (This story has been corrected to say Watches of Switzerland Group gave quarterly trading update, not full-year in the third bullet and last paragraph.)

☆ Gautam Adani’s woes were in banks' plain sight
▼ + stars: | 2023-02-08 | by ( Una Galani | ) www.reuters.com time to read: +9 min

MUMBAI, Feb 8 (Reuters Breakingviews) - Gautam Adani’s recent woes have vindicated persistent doubts in India about the tycoon’s rise. The Indian group dismisses those claims as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries (DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. Fee-hungry international banks were much less picky. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began.

☆ China's economy will be 'on fire' in the second half of 2023, StanChart chairman says
▼ + stars: | 2023-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Andy Feng | iStock Editorial | Getty ImagesChina's economy will be "on fire" in the second half of 2023 as the economic performance of East and West diverges, according to Standard Chartered Chairman José Viñals. The reopening of the Chinese economy following several years of strict "zero-Covid" measures has buoyed sentiment among economists that the global growth and inflation picture may be less bleak than initially feared this year. OECD Secretary-General Mathias Cormann earlier this week said the reopening was "overwhelmingly positive" in the global fight to tackle sky-high inflation. The reopening has proven tricky, with China reporting a huge rise in Covid cases and deaths in recent weeks. Viñals said the structural improvements that helped insulate many EM economies would also enable them to flourish in years to come.

First Abu Dhabi Bank (FAB) (FAB.AD), the $50 billion Gulf lender that the brother of the United Arab Emirates’ president chairs, last week said it had considered a bid for the $23 billion UK-listed bank. Half its revenues come from Hong Kong, China and other Asian countries, where much of Abu Dhabi’s oil goes. StanChart’s commodities trading strength fits with Abu Dhabi’s keenness to become an energy trading hub. CONTEXT NEWSFirst Abu Dhabi Bank (FAB) on Jan. 5 said it had considered a bid for London-listed Standard Chartered but was no longer doing so. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer".

☆ StanChart suitors track banking’s flighty fortunes
▼ + stars: | 2023-01-06 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

But one reliable rule of thumb is that Standard Chartered (STAN.L) will be the subject of periodic bouts of takeover speculation. The latest prospective suitor, First Abu Dhabi Bank (FAB.AD), reflects the shifting fortunes of global banking. Under UK rules, First Abu Dhabi cannot make an offer for StanChart for six months, unless another bidder emerges. The Abu Dhabi lender said it had been in “the very early stages of evaluating a possible offer” for the emerging markets-focused bank. Standard Chartered declined to comment.

☆ India set to post BoP deficit for 2 straight years - StanChart
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 6 (Reuters) - India is set to post a balance of payment deficit for the second straight year in the next fiscal, which would be the first such instance in two decades, Standard Chartered Bank said on Friday. The foreign bank expects the country to record a BoP deficit of $24 billion this fiscal year and $5.5 billion in the next, against a surplus of $47.5 billion last year. "While the C/A deficit may appear more manageable, it still represents a large financing requirement in absolute terms, especially given the weak global growth backdrop. Our forecast of a smaller C/A deficit/GDP ratio in FY24 assumes a narrower trade deficit, but slower software and remittance inflows contributing to a large deficit size," the foreign bank said. Reporting by Dharamraj Lalit Dhutia; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving StanChart shares up as much as 20%. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer" for the emerging markets-focused bank. Furthermore, the mooted combination of FAB and StanChart would have been subjected to more onerous capital requirements that would burden the resulting lender, a banking source said. FAB was created via a merger between National Bank of Abu Dhabi and First Gulf Bank in 2016. The lender sources around half its deposits from the Abu Dhabi government and reported total assets of 1.15 trillion AED ($313.1 billion) as of end-September 2022.

☆ China's reopening isn't actually positive for the yuan: StanChart
▼ + stars: | 2023-01-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's reopening isn't actually positive for the yuan, Standard Chartered saysDivya Devesh of the bank discusses the medium-term outlook for the Chinese yuan.

☆ South Korea's government will probably propose 'additional budget' in mid-2023, StanChart says
▼ + stars: | 2022-12-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Korea's government will probably propose 'additional budget' in mid-2023, StanChart saysChong Hoon Park of Standard Chartered Bank Korea says that's partly because legislative elections are scheduled to take place in 2024.

☆ Major banks are bullish on Hong Kong's economy and China growth prospects
▼ + stars: | 2022-11-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

"Hong Kong business is as strong as it has ever been," said StanChart's CEO Bill Winters. I have every confidence Hong Kong will rebound strongly next year. People walk through Exchange Square in Hong Kong on October 28, 2022. Major lenders Standard Chartered and HSBC expressed confidence in the rebound of Hong Kong's and China's economy, even as China ramps up its Covid measures and Hong Kong's economy posted its worst quarter in more than two years. Eventually China will start to open up and the economy will rebound strongly," Quinn told CNBC.

SINGAPORE, Oct 26 (Reuters) - Standard Chartered (STAN.L) reported a 40% increase in quarterly profit as higher interest rates boosted the emerging markets-focused bank's income and gave it ammunition to upgrade its revenue outlook. The bank expects income to grow 13% this year instead of a previously forecast 10%. "We remain confident in the delivery of our 2024 financial targets," CEO Bill Winters said in a statement on Wednesday. "Our performance this year has been strong, and the pace of economic recovery in many of our footprint markets is encouraging, notwithstanding increasing recessionary pressures in certain Western markets," Winters said. StanChart's statutory credit impairment charges more than doubled to $227 million from a year earlier, reflecting weakness in key economies.

☆ Standard Chartered third-quarter profit jumps 40%, beats estimates
▼ + stars: | 2022-10-26 | by ( ) www.cnbc.com time to read: +1 min

Pedestrians pass the headquarters of Standard Chartered in London on Feb. 14, 2022. Standard Chartered's first-quarter pre-tax profit rose 6%, beating market expectations, as the emerging markets-focused lender benefited from rising interest rates and flagged a robust outlook. Standard Chartered posted a 40% increase in quarterly profit, as the emerging markets-focused bank benefited from a sharp rise in income on higher interest rates. The improved performance and rising revenues from interest rates helped StanChart to lift its outlook for the year. StanChart's statutory credit impairment charges more than doubled to $227 million from a year earlier, reflecting weakness in key economies.

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