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Tag: StanChart

  • StanChart Profits Rise from Improved Loan Impairments

    StanChart Profits Rise from Improved Loan Impairments

    Pre-tax profit at Standard Chartered rose in the first half and beat analyst estimates, resulting in the resumption of interim dividend payments.

    Standard Chartered registered $2.68 billion in pre-tax profit, according to its latest first-half results, marking a 37 percent increase compared to $1.95 billion in the same period last year.

    The bank’s $2.55 billion in statutory pre-tax profit beat its compailed average analyst estimate of $2.23 billion.

    Despite lower income (5 percent decrease) and higher operating expenses, Standard Chartered still saw profits rise due to improved loan impairments fuelled by the economic recovery.

    The bank posted a net release of $47 million in credit impairments – including a net release of $67 million in the second quarter – marking a $1.61 billion decrease year-on-year.

    The Asia-focused British lender also announced the resumption of interim dividend payments of $94 million – or 3 cents per share – alongside a $250 million share buyback.

    I am encouraged by our positive performance in the first half of 2021 despite an uneven recovery from Covid-19,» said Standard Chartered group chief executive Bill Winters.

    We are more confident in achieving our return on tangible equity targets and we are pleased to announce today an additional share buy-back program together with the resumption of our interim dividend payment.

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  • StanChart Names Global Head of Transaction Banking FX

    StanChart Names Global Head of Transaction Banking FX

    Standard Chartered appoints its global head of transaction banking FX to further collaboration between transaction banking and markets.

    Jocelyn Tan has been named to the Singapore-based role, according to a report by efinancialcareers, which noted that she was an internal appointee though the role was advertised externally.

    Tan will be tasked with driving FX cross-selling by leveraging transaction banking flows across the corporate, commercial and institutional bank (CCIB).

    Tan has been with Standard Chartered since 2017 when she joined as an executive director for e-commerce sales. Previously, she spent over 10 years with Citi where she worked in Asian eFX sales.

  • StanChart Names Chief Information Officer for Retail Banking

    StanChart Names Chief Information Officer for Retail Banking

    She takes over Paul Macpherson, Chief Information Officer, CPBB since 2018, who will be leaving to pursue opportunities outside the bank.

    Standard Chartered has appointed Anshu Sharma Raja as chief information officer, Consumer, Private & Business Banking (CPBB), the bank announced on Friday.

    Raja joined the bank in 2018 as managing director, global head of Retail Banking Technology and head of Global Business Services and Technology & Innovation Centers, based in Bengaluru, India. She previously worked for Vodaphone, AIG, Goldman Sachs, and consulted with investment banks for technology solutions, according to her LinkedIn profile.

    Raja is based in Singapore and reports to Michael Gorriz, group chief information officer.

    Our ambitious growth plans for our affluent, mass and wealth management business rely on a modern, cloud-based architecture that delivers superior client products and experiences digitally, Gorriz said in the announcement.

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  • StanChart Partners Templeton for Retirement Planning App

    StanChart Partners Templeton for Retirement Planning App

    Available on Google Play and Apple’s App Store, «Autumn» integrates wellness with wealth management on an independent and bank agnostic platform.

    SC Ventures, the innovation and ventures unit of Standard Chartered, has launched «Autumn», a digital wealth, health, and lifestyle solution that provides users with tools, products, and services to plan and manage their financial and physical wellbeing.

    As a strategic partner, Franklin Templeton will provide users with access to financial literacy content and investment insights, which can be customized based on risk profile and financial data. Autumn will also be bringing lifestyle partners on board, including travel services and volunteering opportunities.

    Standard Chartered highlighted that 15 percent of Asia’s population will be over the age of 65 by 2040, citing UN data, and the need for a bundled offering to address all their needs in a holistic and personalized manner.

    By combining digital wealth technology with health, lifestyle, and financial wellness, we’ll help users adopt healthier habits and create a retirement that is personalized for them, Mike Kruger, Autumn CEO, said in the announcement.

    Banks have been quick to capitalize on Asia’s greying population and heightened interest in wealth planning. Launches of similar platforms this year have included Julius Baer, which launched its digital wealth advisory platform in Asia in April, while DBS also rolled out a personal digital advisory to its financial planner.

    Standard Chartered itself debuted a free, do-it-yourself online financial planning app this year.

    Autumn is now available in Singapore, with plans underway to roll out the platform progressively in Hong Kong and other markets in Asia, Standard Chartered said.

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  • StanChart Keeps Affluent Clients Engaged Amid Border Closures

    StanChart Keeps Affluent Clients Engaged Amid Border Closures

    The bank is deploying digital functionalities to keep clients stay engaged with relationship managers and investment advisors while travel is halted.

    Since April, almost half of its affluent clients have been using the bank’s My RM app, with significant usage from International Banking clients, Standard Chartered said.

    Embedded within its online and mobile banking platforms, My RM allows file sharing, screen sharing, and audio call functions, so clients can interact with their relationship managers directly, schedule appointments, and authorise investment transactions securely anywhere.

    With over 30 percent of the bank’s affluent clients in Singapore being international, having the right channels to stay in contact with clients is crucial, especially during these times, the bank said in an announcement on Friday.

    International Banking is a growing business for Standard Chartered with assets under management growing 30 percent over the past year, despite headwinds, according to the bank.

    To cater to this growth and tap on Singapore’s reputation as an international wealth hub, Standard Chartered plans to double its relationship managers and double its International Banking business in the next five years.

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  • StanChart Beats Forecasts with Improved Impairments

    StanChart Beats Forecasts with Improved Impairments

    Credit impairments fell sharply at Standard Chartered, enabling the growth market-focused lender to beat analyst estimates and deliver profitability in the first quarter.

    Standard Chartered posted pre-tax profits of $1.4 billion, according to its latest results, marking an 18 percent increase compared with $1.2 billion last year.

    It also beat compiled analyst forecasts of $1.08 billion.

    Amongst the most notable improvements was from credit impairment charges which fell sharply from $354 million in the previous quarter to just $20 million.

    The bank also registered strong performance from its wealth management businesses which saw a record quarter with a 21 percent increase in income from strong sales of foreign exchange and equity-related products.

    In Asia, it boosted its pre-tax profits by 21 percent to $1.23 billion.

    In line with its continued pursuit to cut office space – in Singapore and Hong Kong, for example – and permanently adopt flexible working conditions, the bank will also significantly reduce its branch network.

    Standard Chartered will cut the number of branches by half to around 400 after having as many as 1,200 worldwide in 2014.

  • StanChart Expands Hiring Efforts in Hong Kong

    StanChart Expands Hiring Efforts in Hong Kong

    Standard Chartered plans to hire about 400 staff in Hong Kong this year as part of the ongoing expansion of its retail baking and wealth management business.

    The Asia-focused lender’s hiring plans are part of its strategy to tap demand from affluent customers for wealth planning, according to a report citing Hong Kong head of consumer, private, and business banking Lay Choo Ong.

    In addition to hiring, Standard Chartered is also planning to invest $26 million over the next three years to revamp its branches in the city.

    The bank will look to add, relocate and close various branches with the aim of maintaining 70 in the city, according to a previous announcement by Hong Kong CEO Mary Huen.

    Although branch visits at Standard Chartered fell 25 percent during the pandemic, the bank believes that demand remains for customers seeking to discuss more complex financial needs.

    It is planning to open its second «Priority Private Center» in the city this year as well as three green branches for paperless services, likely in the third or fourth quarter, as part of a pilot project.

    According to Ong, assets under management in Hong Kong-registered double-digit growth in the first quarter while wealth management fund flows doubled the annual average in 2020.

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  • StanChart Wealth Planning App Debuts in Singapore

    StanChart Wealth Planning App Debuts in Singapore

    The bank joins other players in providing digital wealth advisory with its new SC Goals Planner app, now available on SC Online Banking and SC Mobile.

    Standard Chartered has launched a free, do-it-yourself online financial planning solution developed in collaboration with Singapore-based fintech BetterTradeOff, which advanced leverages data analytics for clients to make data-led decisions when it comes to wealth planning, the bank announced in Wednesday.

    The SC Goals Planner app allows customers will be able to independently plan and track their financial goals through real-life simulations and insights specific to their life stages and financial status. Users will also be able to educate themselves on the planning process and financial fundamentals, the announcement said.

    Banks have been quick to capitalize on the heightened interest in wealth planning – Julius Baer also launched its digital advisory platform in Asia this week, while DBS rolled out personal digital advisory to its financial planner last week.

    Standard Chartered said there has been more interest in better financial planning as a result of the pandemic. Through the platform, Standard Chartered hopes to close the financial literacy gap and empower clients to play a more active role in their financial planning.

    This is one of the many steps we are taking to strengthen the client-bank wealth and financial planning dialogue, Eugene Puar, head of wealth management, Singapore, ASEAN and South Asia said.

    Singapore-based BetterTradeOff (BTO) was founded in 2015 and offers a software-as-a-service (SaaS) life planning tool to clients through a white-label enterprise solution. It currently operates in Hong Kong, Singapore, Philippines, UAE, and Switzerland.

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  • StanChart Names Global Head of Private Banking

    StanChart Names Global Head of Private Banking

    Standard Chartered has hired a former UBS executive to oversee its private and affluent banking business worldwide.

    Raymond Ang has been named global head of private and priority banking at the Asia-focused British lender, according to a statement, pending regulatory approval.

    In the Singapore-based role, Ang reports to consumer, private, and business banking chief executive Judy Hsu.

    Ang has 25 years of experience across consumer and private banking and lived in Hong Kong, Taiwan, Thailand, and Singapore. Ang was most recently with UBS where he spent nine years, last as its sector head for Indonesia, Greater China, and offshore Japan. Previously, he also worked for Carlyle, DBS, and Citi.

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  • StanChart Eyes Nearly 1,000 New GBA Jobs

    StanChart Eyes Nearly 1,000 New GBA Jobs

    Standard Chartered unveiled growth targets for its Greater Bay Area business, including the addition of nearly 1,000 new jobs.

    The Asia-focused British lender will grow its Greater Bay Area (GBA) headcount from 1,4000 now to 2,500 in 2023, according to its chief for the 11-city cluster Anthony Lin.

    The expansion includes a $40 million investment in a Guangzhou-based center that will house more than 1,600 employees by 2023, Lin said during a recent online media briefing.

    The headcount expansion will help Standard Chartered meet its aims to double its income from the GBA business over the next five years.

    Areas of focus include retail banking, corporate banking and, most notably, wealth management.

    Major lenders in Hong Kong are readying to make their inroads into the GBA market with the Wealth Management Connect being the most notable upcoming cross-border scheme.

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  • StanChart Revamps Hong Kong Branches

    StanChart Revamps Hong Kong Branches

    Standard Chartered continues making transformations to its physical presence in Hong Kong, including plans to revamp its branches in the city.

    Standard Chartered will revamp its Hong Kong branches with plans to create paperless services with more digitalization, according to its chief executive for the market Mary Huen during a post-results briefing. More private rooms will also be built for in-person meetings between clients and their wealth managers.

    Branch visits fell 25 percent during the pandemic, Huen said, with more demand for financial services through digital channels.

    The bank will look to add, relocate or close some branches with the aim of maintaining 70 in the city.

    Elsewhere in the city, where the bank employs around 6,000 workers, Standard Chartered is already making changes to its physical presence.

    It is shedding multiple floors from its Hong Kong main office and renting out space from another office located in an industrial district in the eastern part of the city.

    In November last year, the bank said it would roll out flexible working options for around half of its 85,000 staff worldwide by early 2021. Standard Chartered employees in Hong Kong reportedly started using co-working spaces last month operated by IWG as part of a 12-month trial for access to 3,500 offices globally.

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  • StanChart Profits Plunge and Miss Estimates

    StanChart Profits Plunge and Miss Estimates

    Profits at Standard Chartered more than halved in 2020 and miss analyst estimates, according to its latest annual results.

    Standard Chartered posted $1.61 billion in pre-tax profits for 2020, a 57 percent plunge compared to 2019’s $3.71 billion.

    It also missed the average forecast of $1.85 billion, according to analyst estimates compiled by the bank.

    Credit impairments increased from $1.4 billion to $2.3 billion.

    According to the bank, the impact of global interest rates will cause income levels in 2021 to be similar to 2020, though credit impairments are expected to decrease.

    The bank also forecasts annual income growth of 5-7 percent to return in 2022.

    Returns in 2020 were clearly impacted by higher provisions, reduced economic activity and low-interest rates, in each case the result of COVID-19,» said Bill Winters, Standard Chartered group chief executive.

  • StanChart CEO Signals He Will Stay on the Job

    StanChart CEO Signals He Will Stay on the Job

    Despite rumors of Bill Winter’s potential exit, the 59-year old chief executive said he would stay with Standard Chartered following a 2020 that saw profits miss analyst targets and plummet 57 percent.

    Although rumors of an exit emerged earlier this year with investment and commercial banking chief Simon Cooper reportedly named as a potential successor, Bill Winters publicly reassured of his stay with the British lender.

    Don’t let the grey hair fool you,» said Winters, during a media call for the bank’s 2020 financial results. «I came here to do a job – the job is not yet done.

    Winters was named group chief for Standard Chartered in 2015 and will celebrate his sixth full year with the bank in June this year.“

    That job is a mandate to return to growth after pre-tax profits in 2020 plunged 57 percent to $1.61 billion, missing analyst estimates of $1.85 billion while returning just 3 percent on tangible equity (ROTE), well below its longer-term target of 10 percent.

    While the bank noted that low-interest rates will likely cause 2021 to yield similar income levels as last year it was confident that it would reverse momentum quickly with plans to achieve 5-7 percent income growth from 2022 onwards. The is done with the aim of achieving 7 percent ROTE by 2023 to meet its longer-term target of more than 10 percent ROTE.

    The bank highlighted its refreshed strategic priorities which focus on four areas: leveraging its network, maintaining its affluent business, scaling up its mass retail business and capitalizing on opportunities in sustainability. a

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  • StanChart Sheds Office Space in Hong Kong

    StanChart Sheds Office Space in Hong Kong

    Standard Chartered will give up several floors in the main offices of the Hong Kong central business district as banks continue to adapt to the post-covid environment.

    Standard Chartered will give up the lease on eight floors of its Standard Chartered Bank Building in the central business district, according to a Hong Kong Economic Times report which cited related marketing materials.

    Landlord Hang Lung Properties is asking for about HK$6 million ($770,000) in rental per month for the 60,000 square feet space. The offices will be available between next month and April 2022.

    The British lender is also renting out three floors it owns from its offices in Kwun Tong, an industrial district in the eastern part of Hong Kong.

    The move falls in line with Standard Chartered’s announced plans to permanently offer flexible work options to around 90 percent of its 85,000 employees around the world. According to the bank, hybrid work arrangements will be made available to around half of its staff in early 2021 and will extend to 75,000 workers in 55 markets by 2023.

    While we have been thinking through the issues around the future workplace for some time, it’s inevitable that recent events provided a catalyst, said Standard Chartered’s human resources head Tanuj Kapilashrami in an internal memo.

    Vacancy rates amongst the district’s Grade A office are reaching the highest levels in December last year since 2004, according to property services firm Jones Lang LaSalle. And foreign firms are a major contributor with multinational companies making up 75 percent of total surrendered Hong Kong office stock in the last quarter, according to Cushman & Wakefield.

    Standard Chartered aside, other global banks that have recently shed office space in the main district include BNP Paribas, Nomura, and Macquarie Group. HSBC also said last year that it was considering ways to digitize more of its operations and is seeking to have more employees work from home in the future.

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  • StanChart Nets Ex-Bank of Singapore Relationship Manager

    StanChart Nets Ex-Bank of Singapore Relationship Manager

    Standard Chartered hires a new private banker focused on the Singapore market, formerly from Bank of Singapore, according to a note.

    Suresh Nair joins Standard Chartered as a senior client partner for private banking, according to the note, effective as of today with a focus on the Singapore market. In his new role, Nair will report to Adeline Chow, private banking team lead for Singapore and Malaysia.

    A spokesperson for the bank confirmed the hire.

    Nair was most recently with Bank of Singapore where he was responsible for the Singapore, Malaysia and international teams. Previously, he had over 20 years of banking experience working for the likes of J.P. Morgan, HSBC Private Bank and American Express. In addition to Southeast Asia, Nair also has some experience covering the Dubai market.

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