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Wednesday, Dec 45:33 PMStandard Chartered warns of "double-digit drop" in consumer banking profit
Wednesday, Dec 45:33 PM| Comment!
- Standard Chartered (SCDRF) warned that the operating profit at its consumer banking unit would suffer a "double-digit drop" this year, the first fall in a decade.
- The bank has fared better than European peers through the financial crisis due to its high exposure to Asia; that exposure is now coming back to bite it, with the bank blaming eroding profitability on South Korea. That unit already wrote down $1B in 1H due to a dispute with regulators and a reduction in its branch network and now sees an operating loss of $200M on the year. Bernstein blew the whistle on the phenomenon back in Aug.
- Shares finished the day shedding 6.5% in London trading.
Wednesday, Oct 3012:45 PMReforming banker pay easier said than done
Wednesday, Oct 3012:45 PM| Comment!
- Looking to get around a new EU law limiting bonuses, at least a dozen banks - including HBC, and BCS - are considering "role based" monthly allowances to make up for money previously given as annual performance rewards. The total annual pay and bonus won't change, but it would comply with the law.
- The new rule "clearly puts us at a competitive disadvantage to the American and Asian banks operating in our markets," says Richard Meddings, finance director at Standard Chartered (SCBFF). Not saying if his bank will pay these allowances, Meddings does say Standard Chartered "will continue to be very competitive with our staff."
Friday, Jul 197:21 AMStay away from the Lloyds (LYG) "love-in" warns Citi after the stock's near 50% move in the last 3 months. Instead, check out Barclays (BCS) where concern over the bank's leverage ratios is overdone. There's also the international U.K banks - HSBC (HBC) and Standard Chartered (SCBFF.PK) - where margin pressure is starting to ease and pound weakness vs. the dollar is "a translational positive." |Friday, Jul 197:21 AM| Comment!
Thursday, Jun 204:47 AMThe British banking sector needs to formulate plans to raise a combined £13.4B in order to meet Basel III capital requirements, the Bank of England's Prudential Regulation Authority said today. Banks had a total shortfall of £27.1B at the end of 2012 and have already drawn up programs to raise £13.7B, although some of the proposals need regulatory approval. RBS's (RBS) shortfall was £13.6B, Lloyds' (LYG) was £8.6B and Barclays (BCS) was £3B. However, the U.K. units of Banco Santander (SAN), HSBC (HBC) and Standard Chartered (SCBFF.PK) were in surplus. (PR) |Thursday, Jun 204:47 AM| Comment!
Sunday, Jun 96:05 AMThe U.K.'s Parliamentary Commission on Banking Standards will reportedly debate a 600-page report that it has put together tomorrow and on Tuesday, with probable topics of discussion including splitting RBS (RBS) up into "good" and "bad" banks, a lack of competition, excessive pay and inadequate regulation. One of the problems, says an official, is that the banks are too big and complex for effective governance. |Sunday, Jun 96:05 AM| 4 Comments
Thursday, Jun 64:14 PMHSBC (HBC) and Standard Chartered (SCBFF.PK) are most at risk of an emerging market selloff, says JPMorgan, owing to their high exposure to ... emerging markets. In a report titled - "Fed Tapering: Who is afraid of EM selloff? We are!" - the bank says EM is going through the most disruptive period since Lehman and warns of a "material slowdown" in EM fixed-income revenues and "drying up" volumes. Also worth keeping an eye on are European banks with heavy LatAM exposure - SAN and BBVA. |Thursday, Jun 64:14 PM| Comment!
Tuesday, May 219:46 AMChina's official non-performing loan data ($86B in bad debt in Q1) "greatly understates" the extent of the problem, says Carson Block, believing the unwind will force Beijing to recapitalize a number of banks. Block's Muddy Waters recently made headlines with a short of Standard Chartered (SCBFF.PK, SCDRF.PK) - a U.K. bank earning most of its profit in Asia. China Financial ETF (CHIX) +32% Y/Y. |Tuesday, May 219:46 AM| Comment!
Monday, May 206:54 AMMorgan Stanley (MS) finally unloads its Indian wealth-management unit, inking a deal to sell the business to Standard Chartered (SCBFF.PK) for an undisclosed amount. Morgan started the unit amid an economic and stock market boom in India in 2008, but things haven't panned out as hoped. |Monday, May 206:54 AM| Comment!
Sunday, May 125:13 PMMuddy Waters is short Standard Chartered (SCBFF.PK, SCDRF.OB), saying the market "misunderstands the amount of risk that's presently in the book." MW's Carson Block cites Standard Chartered's $1B load to Samin Tan, chairman of Bumi (PBMRF.PK), the coal company at the center of a dispute, and a $30M loan to Far Eastern Energy (FEEC.OB), with a market cap of $42M, as red flags. He says shorting Standard Chartered is "a very nice way to play the eventuality of the China unwind." |Sunday, May 125:13 PM| Comment!
Thursday, Mar 289:21 AMThe "generous" capital ratio imposed by the Bank of England - 7% by 2013's end vs. 10% in 2019 by Basel - may allow the country's lenders to avoid dilutive share shales. "There is no trigger for any fresh equity issuance," says analyst Ian Gordon, expecting "very limited" impact on existing capital plans. RBS -0.7%, LYG +0.7%, BCS +1.8%, HBC +1% premarket. |Thursday, Mar 289:21 AM| Comment!
Wednesday, Feb 279:57 AMStanley Black & Decker (SWK +1.1%) completes its $850M acquisition of Hong Kong based Infastech from CVC and Standard Chartered. Infastech is one of the largest Asia-based manufacturers of mechanical fasteners and the deal will help SWK increase its revenues from emerging markets to 16% of total sales. SWK also expects the acquisition to add $0.20 to its adjusted EPS in 2013 and $0.40 in 2015. (PR) |Wednesday, Feb 279:57 AM| Comment!
Wednesday, Feb 279:10 AMMorgan Stanley (MS) is in talks to sell its Indian wealth management business to Standard Chartered (SCBFF.PK), reports Bloomberg. Morgan was reported several months ago as looking to unload the struggling unit. StanChart wii perhaps give it a go in a market where so many others have failed. |Wednesday, Feb 279:10 AM| Comment!
Monday, Dec 102012, 10:10 AM
Thursday, Dec 62012, 2:59 AMStandard Chartered (SCBFF.PK) expects to pay $330M in fines to settle accusations that its dealings with Iranian customers breached U.S. sanctions. The penalty, which the U.K. bank is negotiating with multiple authorities, would add to the $340M that StanChart has agreed to pay to the New York Department of Financial Services. Meanwhile, the company forecast FY revenue and pretax profit growth of under 10%. (PR) |Thursday, Dec 62012, 2:59 AM| 1 Comment
Tuesday, Nov 272012, 7:54 AMRoyal Bank of Scotland (RBS) is upgraded to Buy at UBS, which believes Mark Carney's appointment to head the Bank of England signals a more conciliatory regulatory environment for U.K. banks. Gerard Lane of Shore Capital disagrees: "He strikes us as a hardliner." Citigroup notes average bank core tier 1 capital ratios are lower in Canada than in the U.K. |Tuesday, Nov 272012, 7:54 AM| Comment!
Friday, Nov 22012, 5:32 AMCitigroup (C), Deutsche Bank (DB), HSBC (HBC) and JPMorgan (JPM) will have to hold an extra 2.5% of Tier 1 Capital on top of the 7% minimum required under Basel III rules, regulators said yesterday. Barclays (BCS) and BNP Paribas will need an extra 2%, while eight banks, including BofA (BAC) and Goldman Sachs (GS), will need 1.5%. Overall, 28 banks are considered "global systemically important" and have to hold extra capital. Lloyds (LYG) has dropped off the list but BBVA (BBVA) and StanChart have joined it. |Friday, Nov 22012, 5:32 AM| 2 Comments