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Standard Chartered

IndusInd Holdings to raise ₹800 crore to fund Invesco MF acquisition bid

IndusInd International Holdings (IIHL), a Mauritius-based investment holding company promoted by the Hinduja Group, is in talks with Standard Chartered Bank and other credit funds to raise around ₹800 crore to acquire a 60% stake in Invesco Asset Management (India). The acquisition is being done through IIHL’s wholly-owned subsidiary, IIHL AMC Holdings. While the Competition Commission of India has already approved the deal, the fundraising process is contingent on regulatory approval from the Securities and Exchange Board of India (Sebi). The company is seeking to raise ₹600-800 crore and is targeting a borrowing rate of 11-12%. A spokesperson for Standard Chartered Bank declined to comment, while a Hinduja spokesperson did not respond to a request for comment.

The acquisition will bolster IIHL’s presence in the mutual fund sector, which it entered in April 2024 with this deal. The transaction is nearing completion, and Invesco Trustee and Invesco AMC, which oversee Invesco Mutual Fund, have already received Sebi approval. Invesco Asset Management (India) reported an average asset base of ₹1,28,676 crore for the quarter ending December 2024, including mutual funds, portfolio management services, and offshore advisory. The fundraising process is expected to be challenging, with the company needing to secure Sebi’s final approval before proceeding. The outcome of the talks is uncertain, but the deal has significant implications for the Indian mutual fund sector.

Standard Chartered secures RBI approval to appoint PD Singh as CEO for India operations

The Reserve Bank of India (RBI) has approved the appointment of Prabdev (PD) Singh, a corporate banking veteran and former CEO of JP Morgan India, as the new CEO of Standard Chartered (StanC) in India and South Asia. Singh will take over from current CEO Zarin Daruwala, who has completed her third three-year term and will retire at the end of March. This development comes after a series of interviews held in October, during which Singh was identified as the top choice among three candidates to succeed Daruwala.

Singh has more than 30 years of experience in corporate banking and has worked with prominent institutions such as JP Morgan and HSBC. He has played a key role in several significant deals, including foreign currency funding, credit facilities, and structured deals for Indian corporates and domestic banks.

StanC is undergoing a transformation, shifting its focus towards wealth management in India, capitalizing on the country’s growing affluence and higher income potential. To this end, the bank sold its personal loan portfolio to Kotak Mahindra Bank last October.

With Singh at the helm, the bank is poised to leverage his expertise to drive its growth strategy. His appointment is expected to be announced formally this week. The soft-spoken banker takes over from Daruwala, who has led StanC since 2016 and previously spent 26 years at ICICI Bank. StanC reported a net profit of $204 million in the first half of 2024, and its full-year 2024 results are set to be announced this Friday.

Iraq Secures $95 Million Loan from Standard Chartered to Revolutionize Electrical InfrastructureLet me know if you’d like any further changes!

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Iraq has secured a $95 million loan from Standard Chartered Bank to boost its electrical infrastructure. The loan, which is part of a broader strategy to revamp the country’s energy sector, will be used to fund the construction of new power transmission lines, substations, and distribution networks.

The loan aims to increase the country’s electricity generation capacity by 500 MW, which will help address the ongoing power crisis that has been plaguing Iraq for years. The project is expected to be completed in 2025, and it is anticipated that it will create thousands of jobs and generate significant economic benefits.

The loan is part of a $1.2 billion agreement between the Iraqi government and a consortium of international lenders, including Standard Chartered, to finance infrastructure projects in the country. The agreement is designed to help Iraq overcome its energy crisis, which has resulted in widespread power outages, blackouts, and economic losses.

The Iraqi government has been working to revamp its energy sector, and the loan is a major step towards achieving that goal. The country has significant potential for renewable energy production, particularly solar and wind power, but it needs to invest in its grid infrastructure to support the transition to a more sustainable energy mix.

The loan from Standard Chartered is expected to have a positive impact on the country’s economy, as it will help to increase the availability of electricity, reduce energy costs, and create jobs. Additionally, the project is expected to reduce Iraq’s reliance on diesel power generation, which is expensive and polluting.

The loan is also seen as a positive development for the region, as it will help to stabilize the energy market and reduce the risk of power outages. The project is expected to be completed in 2025, and it is anticipated that it will have a lasting impact on the country’s energy sector and economy.

Standard Chartered Bank launches its second career development program for women, offering new opportunities for professional growth and advancement.

Standard Chartered Bank’s Global Business Services (GCB) has launched its second Career Programme for Women, aiming to promote gender diversity and inclusion in the global talent supply chain. The initiative is designed to attract, develop, and retain top female talent in the banking and finance industry.

The programme will focus on identifying, assessing, and developing high-potential women in roles across the organization, providing them with customized development plans and mentorship. The goal is to create a pool of leaders who can be considered for diverse roles within the bank, including country management positions.

The programme will have a structured approach, consisting of four modules:

  1. Assessment and Development: Participants will undergo a comprehensive evaluation to identify their strengths, weaknesses, and career aspirations. Based on the results, personalized development plans will be created, focusing on improving leadership skills, networking, and career management.
  2. Mentorship: Participants will be matched with experienced female leaders within the bank, who will provide guidance, support, and guidance throughout their development journey.
  3. Networking: Participants will have opportunities to network with other female professionals, thought leaders, and industry experts, fostering connections and creating a robust support network.
  4. Learning and Development: Participants will have access to training, coaching, and workshops focused on leadership, management, and career advancement.

The programme is a collaborative effort between GCB and its clients, who will play an active role in facilitating the development of these women leaders. This inclusive approach aims to promote a culture of diversity and inclusion, encouraging more women to join and advance in the financial services industry.

By launching this initiative, Standard Chartered Bank is taking a significant step towards creating a more diverse and inclusive organization, promoting gender equality, and challenging the traditional norms of leadership. The programme provides a platform for recognizing and developing female talent, ultimately leading to better representation and decision-making within the organization.

StanChart Aims to Trim £762 Million from UK Investor Claim

Standard Chartered, a global bank, is facing a £762 million ($943 million) lawsuit in the High Court, accused of making false or misleading statements about its non-compliance with international sanctions. The claim is being brought by passive investors who claim that the bank’s statements were inaccurate and caused them to lose value. The bank is urging the court to dismiss the claims, arguing that the statements made were truthful and that there is no evidence to support the allegations.

The case is a significant one, with the bank facing the potential loss of £762 million. The investors involved are passive, meaning they did not seek to direct the bank’s actions, and the claims are being brought on behalf of many thousands of investors.

The litigation is the latest development in a long-running saga surrounding Standard Chartered’s handling of international sanctions. The bank has been under scrutiny for its alleged non-compliance with sanctions regimes in the past, and this latest lawsuit is seen as a major test for the bank’s reputation.

For those following the case, a Law360 subscription can provide access to expert analysis, breaking news, and in-depth coverage of the legal developments as they unfold. With Law360, subscribers can stay ahead of the curve and make informed business decisions with confidence. The subscription includes a range of features such as daily newsletters, expert analysis, a mobile app, advanced search, and access to 450,000+ searchable archived articles. A 7-day free trial is available, allowing users to experience the benefits of a Law360 subscription firsthand.

According to a forecast by Standard Chartered and Xinhua, Vietnam’s economy is expected to expand by 6.7% in 2025.

Vietnam is expected to experience a 6.7% economic growth in 2025, according to a recent forecast from Standard Chartered. This growth is expected to moderate from 7.5% in the first half of the year to 6.1% in the second half, driven by increased business activity and sustained foreign investment. The forecast suggests that the government’s focus on stronger economic growth may lead to lower interest rates in the near term, but the State Bank of Vietnam is expected to raise rates by 50bps in the second quarter of 2025 to maintain economic stability and growth. This comes after Vietnam recorded a 7.09% gross domestic product growth in 2024, with the government targeting at least 8% growth this year. The central bank’s monetary policy decisions, influenced by inflation dynamics, Fed policies, and the performance of the Vietnamese dong, will be crucial in maintaining economic stability and growth in 2025. The news was reported by Vietnam News on February 11.

In related news, a Spring Festival market was held on Hang Ma street in Hanoi, with Vietnamese youths posing in traditional costumes for photos. This event was held on January 22, 2025, providing a glimpse into Vietnam’s rich cultural heritage. The festival is an important part of Vietnamese culture, promoting cultural exchange and national pride.

The Standard Chartered marathon sparkled with perfect weather conditions and a record-breaking turnout.

The 2023 Standard Chartered Hong Kong Marathon was a huge success, according to Kwan Kee, chairman of the Hong Kong, China Association of Athletics Affiliates. The weather, atmosphere, and attendance were “ideally good,” with an impressive 90% participation rate. The event offered 74,000 spots, including 15,000 for non-local participants, and featured a unique package for Hong Kong permanent residents who completed the race within specific time limits, with a HK$1,000 bonus.

The event also introduced a new initiative, a marathon special incentive award, which encouraged runners to complete the race within certain time limits. A total of 383 runners received this bonus, with 274 men and 107 women meeting the requirements. Additionally, the Hong Kong Amateur Athletics Association announced a tree-planting event scheduled for March 22, further solidifying their commitment to environmental, social, and governance (ESG) initiatives.

Despite the large number of participants, the event experienced few medical issues. According to Lam Kin-kwan, the event’s medical director, by 11 am, the event had treated over 900 injured runners, mostly for minor issues such as abrasions, sprains, and muscle cramps. By 1 pm, 20 runners had been sent to hospitals, with five men in serious condition and 13 in stable condition. The Transportation Department also reported that all road closures and affected public transportation services had been lifted, resuming normal operations.

Overall, the 2023 Standard Chartered Hong Kong Marathon was a well-organized and successful event, with a high level of participation and minimal disruptions. The event’s focus on ESG initiatives and its efforts to engage with the local community showcased its commitment to creating a sustainable and inclusive experience for all participants.

Discussing strategy with Haymans Fung, Global Head of Marketing for Wealth and Retail Banking at Standard Chartered Bank

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Haymans Fung, Global Head of Marketing for Wealth and Retail Banking at Standard Chartered Bank, discusses the evolving consumer preferences in wealth and retail banking across diverse markets. With an increasing international mobility of affluent clients, the bank is tailoring its marketing efforts to reach clients at various touchpoints, using a mix of out-of-home, print, digital, film, and content partnerships across seven key markets.

Hyper-personalization is crucial in wealth management, and the bank is achieving it by using client insights to create personalized campaigns that cater to different client attributes and life stages. The “Now’s Your Time for Wealth” campaign is a global effort that highlights the bank’s capabilities and differentiators, such as its global wealth network and expertise in wealth solutions.

The bank has developed marketing strategies to cater to diverse audiences in markets like Mainland China, India, and the UAE. For instance, the creatives used in the campaign feature different ethnicities and languages to appeal to a wide range of affluent clients and reflect the bank’s inclusive stance.

Haymans Fung highlights the consistent consumer trends across Asia and the Middle East, such as increased spending on digital platforms, which allows the bank to tap into data to better understand client behaviors, preferences, and needs. With marketing budgets becoming more constrained, the bank works closely with its media agency to ensure impactful campaigns that achieve positive results.

The “Now’s Your Time for Wealth” campaign emphasizes the importance of taking action early to achieve financial goals, which resonates with the evolving aspirations of affluent clients, particularly in India. The campaign targets specific investor profiles, such as Global Indians and Global Chinese, and is personalized to reach affluent Indian clients both in and outside of India.

Overall, Standard Chartered Bank’s marketing strategies are designed to cater to the diverse needs of affluent clients across different markets, using a mix of data analysis, creativity, and technology to create impactful campaigns that drive meaningful outcomes.

Standard Chartered predicts a possible price surge for Bitcoin, potentially reaching $500,000 by the time Trump exits the White House.

Standard Chartered Bank, a $870 billion asset manager, has made a bold prediction about the future of Bitcoin’s price. According to the bank’s analyst, Geoffrey Kendrick, the leading cryptocurrency could reach $500,000 before US President Donald Trump leaves office in 2028. This prediction is based on two key factors: improved access and reduced volatility. Kendrick notes that improved access to Bitcoin, driven by the growth of spot Bitcoin ETFs, will continue to attract more institutional investors, leading to increased price growth. Additionally, he expects the Trump administration to pass pro-crypto legislation, which will further boost the asset’s value.

The prediction is not unique to Standard Chartered Bank, as other experts, such as ARK Invest, have also predicted a price of $1.5 million for Bitcoin. The cryptocurrency market has been experiencing a surge in recent months, with Bitcoin struggling to maintain a position above the $100,000 mark. Despite this, many experts remain bullish on the asset’s long-term potential.

The potential for increased access to Bitcoin is driven by the growth of spot Bitcoin ETFs, which have already seen $39 billion in net inflows. As these investment vehicles continue to mature, they will play a critical role in the asset’s growth. Additionally, Kendrick expects the Trump administration to continue to pass pro-crypto legislation, which will further increase confidence in the asset and drive up its price.

Overall, Standard Chartered Bank’s prediction is just one of many optimistic outlooks for the future of Bitcoin. While there is always some level of uncertainty in the cryptocurrency market, many experts believe that the underlying fundamentals are in place for the asset to reach new heights in the coming years.

The champions of the 21st Standard Chartered Nairobi Marathon will take home cash prizes of Ksh. 12.5 million.

The 21st edition of the Standard Chartered Nairobi Marathon was held recently, attracting over 25,000 participants from 90 nationalities. The winners of the 42km race, Kurgat Kimeli and Gladys Chemutai, took home a total of KES 4 million in cash prizes. The event also raised a check of Ksh. 43 million for Standard Chartered’s Futuremakers initiative, which focuses on empowering youth, particularly women and persons with disabilities, through education, employability, and entrepreneurship.

The runners-up in the men’s category, Dominic Kipkirui and Peter Kwemoi Ndorobo, received KES 1 million each, while the women’s runners-up, Caroline Koech and Joy Kemuma, received the same amount. The second runners-up in both categories received KES 500,000 each.

In the 21km categories, Vincent Mutai and Gladys Koech emerged victorious, earning KES 300,000 each. The winners of the 21km wheelchair race, John Wambua and Caroline Wanjira, also received KES 300,000 each.

The event saw a significant rise in participation from persons with disabilities, with 153 participants compared to 119 in 2023. The top five nationalities represented in the race were Kenya, Uganda, Tanzania, China, and India.

The marathon underscores the importance of environmental stewardship and social equity, in alignment with the World Athletics sustainability agenda. The event will be held again on October 26, 2025, and will continue to provide a platform for athletes to showcase their talent and raise funds for important causes.

Overall, the 21st edition of the Standard Chartered Nairobi Marathon was a success, attracting a record number of elite athletes and raising a significant amount of money for charity.

Three senior ANZ Credit Traders Exit to Join Standard Chartered

Three experienced credit traders from ANZ Group Holdings in Singapore have left the bank to join Standard Chartered, according to multiple sources. The trio, reportedly led by a senior executive, made the move to the rival bank, citing better bonus offers and career opportunities.

The departure of the entire Singapore-based credit trading team is a significant blow to ANZ, which is undergoing a major restructuring effort to reduce costs and reinvigorate its business. The loss of such a prominent team may indicate that ANZ’s efforts to stem the tide of talent drain have not been entirely successful.

The departing team members are said to have joined Standard Chartered’s credit trading desk, where they will be responsible for managing a portfolio of assets worth billions of dollars. The new recruits bring with them extensive experience and expertise in the field, which is likely to bolster Standard Chartered’s position in the competitive Singapore banking market.

The move is not entirely unexpected, given the current market conditions. In recent years, banks have faced intense competition for talent, and many have struggled to retain top performers. The lack of bonuses and limited career prospects have led to a steady exodus of experienced employees, often to rival banks offering more attractive deals.

Standard Chartered, in particular, has been actively poaching from competitors to strengthen its positions in the region. The bank has been rumored to be willing to pay top-dollar for top talent, offering lucrative bonuses and other incentives to attract the best and brightest.

The loss of the ANZ team may force the bank to re-evaluate its compensation and retention strategies, as it bids to prevent further talent drain. At the same time, Standard Chartered’s recruitment coup is likely to further solidify its reputation as a destination of choice for top traders in Singapore, making it an attractive option for those seeking better prospects and career advancement. The ongoing battle for talent in the banking industry is likely to continue, with both banks scrambling to attract and retain the best talent in the market.

A Standard Chartered Analyst Predicts Will WallitIQ Stronger Performance Akin to SHIB, Overtaking Ethereum in Coming Periods

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WallitIQ (WLTQ) has been making waves in the cryptocurrency market, with its presale event attracting a buying spree and a bullish outlook from a Standard Chartered analyst. The analyst believes that WallitIQ is a “must-have” before the next bull run, predicting that it will outperform Shiba Inu (SHIB) and Ethereum (ETH). As a result, crypto investors are rushing to accumulate as many tokens as possible, with projections that WLTQ could surge 40,000%.

The project has recently launched its MVP build of its Crypto Wallet Management Mobile App, which enables users to automate trading, monitor transactions, and track real-time price movements. Additionally, the platform has introduced an AI-powered fraud detection system to protect user assets and has completed a smart contract audit to ensure maximum security.

WallitIQ’s innovative features, such as its personalized trading experience, predictive model, and staking opportunities, have garnered attention from crypto enthusiasts and experts alike. The platform’s AI protocol allows users to find the perfect trading opportunities, and token holders have governance rights, enabling them to participate in decision-making on the platform.

With over 1,000 cryptocurrencies available on the platform, WallitIQ is confident that its native token will record massive gains in the next leg of the bull run. In fact, the Standard Chartered analyst believes that WLTQ will lead the pack, with potential returns exceeding 40,000%. As the market continues to gear up for the 2025 bull run, investors are wise to take advantage of this opportunity to get ahead of the game. With the potential for generational wealth creation, WallitIQ’s $0.0420 token is an attractive option for those looking to capitalize on the next wave of growth in the cryptocurrency market.

Standard Chartered Bank forges a strategic partnership with the 2025 Sustainable Finance and Environment (SFME) initiative to accelerate climate resilience and sustainable financing strategies.

The Sustainability Forum Middle East (SFME 2025) has announced Standard Chartered Bank as a Strategic Partner for its third edition, scheduled to take place on January 28-29, 2025, in Bahrain. The forum, held under the patronage of Dr. Mohamed Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs, will focus on the theme “Mobilising Action and Investment for Climate and Energy Resilience.”

Standard Chartered Bank, a returning Strategic Partner, has committed to climate action and sustainability initiatives. The bank’s Sustainable Finance team, established in 2018, has helped clients globally achieve decarbonisation and sustainability objectives through innovative financial products and responsible financing practices.

Senior executives from Standard Chartered Bank will participate in the forum, including Dr. Boutros Klink, CEO of Standard Chartered Bahrain, and Lina Osman, Regional Head of Sustainable Finance for Africa & MENAP. They will join over 400 senior financial leaders, policymakers, and sustainability experts to discuss critical themes such as financing strategies for the net-zero transition, policy and regulatory advancements, and innovations in technology and sustainability practices.

The forum will also feature hands-on learning workshops to foster collaboration, raise awareness, and mobilise action towards achieving regional climate and energy resilience. The event is supported by a range of partners, including National Bank of Bahrain, Aluminium Bahrain, and Boston Consulting Group, among others.

The Sustainability Forum Middle East 2025 aims to serve as a pivotal platform for fostering collaboration and driving actionable solutions in the pursuit of regional climate and energy resilience. With Standard Chartered Bank as a Strategic Partner, the event is expected to make a significant impact in promoting sustainable development and climate action in the region.

Aurangzeb converges with Group CE SCB.

At the World Economic Forum Annual Meeting in Davos, Pakistani Finance Minister Muhammad Aurangzeb met with Bill Winters, CEO of Standard Chartered Bank (SCB). The discussion focused on SCB’s existing operations in Pakistan and potential opportunities for growth and expansion.

During the meeting, Aurangzeb thanked SCB for its long-standing partnership with Pakistan and recognized the bank’s contributions to the country’s financial sector. The minister likely sought to highlight the country’s business-friendly environment and encourage the bank to increase its presence in Pakistan.

As a prominent bank with operations in over 60 countries, Standard Chartered has a significant presence in Asia, Africa, and the Middle East. With Pakistan being a major economy in South Asia, SCB has likely been interested in expanding its services in the country.

Pakistan’s finance minister has been actively engaged in promoting foreign investment in the country. He has also been working to revamp the financial sector and make it more efficient. A potential expansion by Standard Chartered would be a welcome development for Pakistan, providing an opportunity to modernize the banking system and enhance financial services.

The meeting demonstrates the increasing global attention towards Pakistan’s economic growth and the country’s potential to attract foreign investment. With a growing economy, a large consumer market, and a young and educated population, Pakistan has the potential to become a key player in regional trade and investment.

Standard Chartered Launches Nationwide Initiative to Upscale High Net Worth Client Relationship

Standard Chartered, a UK-listed bank, has launched a new marketing campaign targeting seven markets across Asia and the Middle East. The campaign, titled “Now’s Your Time for Wealth,” aims to attract affluent clients and bring in net new money of $200 billion by 2029. The bank’s goal is to double its compound annual growth in its wealth solutions income area.

The campaign’s message emphasizes that delaying action can lead to falling short of one’s wealth ambitions. To break away from traditional, complex wealth planning, the bank is adopting a fresh, direct tone that resonates with clients’ needs and ambitions.

The campaign will feature a mix of out-of-home advertising, print ads, film, and content partnerships with international, regional, and local media across the seven target markets: Singapore, Hong Kong, mainland China, Korea, Taiwan, the UAE, and India. The bank’s global head of marketing for wealth and retail banking, Haymans Fung, noted that the campaign is designed to be “refreshingly human and direct, in lockstep with the reality of our client needs and ambitions.”

Embracing Innovation, GCC Seeks Economic Resilience in 2025

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According to Standard Chartered’s 2025 Global Market Outlook, the Gulf Cooperation Council (GCC) is expected to be a bright spot for global growth in 2025, outperforming the global average of 3.1%. The region’s focus on long-term transformation, investment in non-oil sectors, and strategic investments will drive its economic diversification and support growth.

The report highlights that the GCC’s resilience and adaptability will continue to shield it from global economic challenges, including protectionist trade policies, high interest rates, and geopolitical uncertainties. The region’s commitment to transformation and strategic investments will enable it to play a key role in driving global economic momentum in 2025.

Meanwhile, the global economy is bracing for the impact of the US election, with protectionist policies and trade tariffs expected to weigh on growth. The US is expected to experience a slowdown in wage growth and a softening labor market, while the euro-area economy is at risk of slipping into recession. China is also expected to be affected by US tariff policies, with the authorities preparing for potential fallout by delivering additional stimulus to support the domestic economy.

In Asia, the Bank expects growth in ASEAN and India to slow slightly in 2025 due to monetary tightening and the moderating economic outlook for key trade partners. However, growth in the region is expected to remain healthy overall. The report notes that the global economy will face numerous challenges in 2025, but the GCC’s resilience and strategic investments will position it for steady expansion.