Bank for sale? Standard Chartered may be a takeover target

Article Abstract:

London-based bank Standard Chartered may itself be unofficially up for sale after selling in early Apr 1996 its brokerage arm. Insiders say two possible buyers have made offers, but that any purchase price would total at least $10 billion, twice book value. The bank's stock doubled in the 18 months to Apr 1996, with pretax profits and operating profits up 30% and 13% in 1995, and it has extensive branches and operations throughout Asia. However, it has stumbled often since 1990, taking poor advantage of its strong position.

United Kingdom, Banking industry, Management, Standard Chartered Bank PLC

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Mayday!: Asian Markets

Article Abstract:

Overnight rates in Hong Kong increased five points above US rates to 10%, following the flotation of the Indonesian rupiah, and the Hang Seng INdex fell 6.2% in two following sessions. Between July and August the Kuala Lumpur main index fell 17%, Manila's fell 9.9% and Singapore's fell 4.4%. There are no plans to hedge the currency exposure of equity portfolios in Hong Kong, but fund managers are preparing for volatility, with some speculators shorting the Hong Kong dollar.

Asia, Money market, Money markets

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