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Standard Chartered
Almost every leading bank in the world claims to have a big presence in the emerging markets. In truth few actually do. But one bank whose emerging markets credentials cannot be questioned is Standard Chartered. The firm is headquartered in the UK but its heart lies very much in the developing world, specifically Africa, Asia and the Middle East.Over the past year Standard Chartered has stood out for its ability to generate tremendous momentum in its emerging markets business without compromising its financial base. In 2006, for example, the bank made acquisitions in Taiwan and Pakistan, rapidly expanded in China and India, made big strides in corporate finance and rolled out a new private bank.
At the same time, the bank delivered income growth of 26% year on year and profit before tax jumped by 19% to $3.18 billion. Normalized earnings per share increased at a compound annual growth rate of 21%. This was the fifth year in a row that Standard Chartered had delivered double-digit profit and EPS growth.
| Peter Sands, Standard Chartered: success comes from our unique character |
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For Peter Sands, chief executive of Standard Chartered, the bank’s success lies in what he claims is its unique character.