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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered    STAN   GB0004082847

STANDARD CHARTERED (STAN)
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StanChart to set up new global business services hub in Warsaw

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06/14/2018 | 09:36am CEST
People pass by the logo of Standard Chartered plc at the SIBOS banking and financial conference in Toronto

LONDON (Reuters) - Asia-focused bank Standard Chartered said on Thursday it was setting up a new global business services hub in the Polish capital of Warsaw, the latest expansion by a major bank outside London, Europe's biggest financial centre.

Poland, by far the largest country in the European Union’s eastern wing, has had strong economic growth over the past decade and has proven attractive for international banks and other companies, partly due to its cheaper labour costs.

Wall Street banks Goldman Sachs and JP Morgan have said they are also planning to increase their presence there.

Standard Chartered's new office, which is expected to open in September, will house a range of operations serving the bank's growing European and U.S. client base, including technology and finance services, cyber security, as well as traditional banking activities.

The Warsaw operation - which joins a network of similarly structured hubs in China, India and Malaysia - will be run by Rowena Everson, who has been promoted to chief executive of Standard Chartered Global Business Services in Poland from her current role as a managing director and head of business support, risk and governance for Europe based in London.

Thursday's announcement follows speculation late last year that StanChart had shortlisted the central European city as a base for up to 500 members of staff.

A spokesman for StanChart said the Warsaw office was likely to house as many as 750 staff within the next five years, as functions normally performed by its Asian global business hubs migrated to Warsaw.

The decision to set up its first European global business services hub in Poland, rather than Britain - where the bank has its European headquarters - had nothing to do with Brexit, the spokesman added.

The bank employs 19,000 people globally in these service hubs, the spokesman said.

"As the Bank increases its focus on clients based in Europe and the Americas, we believe it has become essential to create a western hub that can support them fully in a more beneficial time zone," Stephen Sheridan, Chief Operating Officer in Europe & Americas, said in a statement.

(Reporting by Sinead Cruise and Lawrence White; editing by Jason Neely and Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
GOLDMAN SACHS GROUP 0.22% 228.3 Delayed Quote.-10.38%
JP MORGAN CHASE & COMPANY 0.60% 108.11 Delayed Quote.0.56%
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Financials ($)
Sales 2018 15 385 M
EBIT 2018 4 523 M
Net income 2018 2 265 M
Debt 2018 -
Yield 2018 2,57%
P/E ratio 2018 13,87
P/E ratio 2019 11,04
Capi. / Sales 2018 2,01x
Capi. / Sales 2019 1,89x
Capitalization 30 930 M
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Mean consensus HOLD
Number of Analysts 20
Average target price 10,7 $
Spread / Average Target 14%
EPS Revisions
Managers
NameTitle
William Thomas Winters Group Chief Executive Officer & Director
José Viñals Chairman
Doris Honold Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
STANDARD CHARTERED-8.33%30 930
JP MORGAN CHASE & COMPANY0.56%366 184
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-8.23%303 817
BANK OF AMERICA-0.88%296 678
WELLS FARGO-10.20%268 398
CHINA CONSTRUCTION BANK CORPORATION-7.42%255 729