HONG KONG |
Thu Jan 5, 2012 1:40am EST
HONG KONG Jan 5 (Reuters) – Standard Chartered Plc
sees early signs of European banks deleveraging in
Asia, its Asia Chief Executive Jaspal Bindra said here on
Thursday.
He also said the bank’s total China loan book was less than
5 percent of its total book.
The Asia-focused bank, which gets about 80 percent of its
profit from emerging markets, warned in December that income
growth in 2011 would be “just below” its 10 percent target as
the euro zone debt crisis slowed deal activity.
Bindra is a former UBS AG and Bank of America
executive who moved up to the StanChart board in 2010.
He arrived at StanChart in 1998.
A depreciation in Asian currencies has hurt income for the
bank, which reports its earnings in U.S. dollars, while India
and South Korea continued to perform poorly.
The bank, which started life financing trade between Europe,
Asia and Africa in 1853, expects its wholesale banking
operations to drive future growth.
