atans1

HoHoHo: This too will end in tears

In Banks, Temasek on 16/06/2017 at 4:49 am

I can’t think of any foreign bank that has made a success of its US ambitions unless the ambitions are limited. Certainly not the case here. StanChart is taking on two JP Morgan and Citi in trade financing on their home turf.  And Ho Ching has other things on her mind.

Standard Chartered aims to expand its U.S. presence with a local hiring push and by bolstering its team in the country with senior staff from its main regions of Asia, the Middle East and Africa, its top bankers said.

The world’s top economy contributed $661 million (518.6 million pounds) to Standard Chartered’s operating income in 2016, or 5 percent of the total, making it the smallest of its major markets – Hong Kong, China, India, and the United Arab Emirates.

“We really view the Americas as a growth area. When I say that, we are not looking to be JPMorgan or BAML (Bank of America Merrill Lynch) or Wells Fargo,” StanChart’s Americas CEO Torry Berntsen told Reuters at the bank’s New York office.

“We think we have a special calling card in terms of what our network looks like.”

The plan is to offer StanChart’s trade finance, transaction banking, cash management and forex market products to large U.S. firms, senior bankers said.

http://uk.reuters.com/article/uk-stanchart-usa-idUKKBN1950GJ?il=0&em_pos=small&ref=headline&nl_art=6

 

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  1. […] – Thoughts of a Cynical Investor: HoHoHo: This too will end in tears […]

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