Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

Delayed Quote. Delayed  - 09/28 05:35:29 pm
621.4 GBp   +1.85%
09/28 STANDARD CHARTE : shares slump amid fears over USA bribery probe
09/28 STANDARD CHARTE : shares slump amid fears over USA bribery probe
09/28 MTN denies illegal transfer of $14 billion from Nigeria
News SummaryMost relevantAll newsSector news 

StanChart to Offload Swiss Private Bank -- Update

share with twitter share with LinkedIn share with facebook
share via e-mail
02/12/2014 | 09:18pm CEST
By Margot Patrick, Giovanni Legorano and John Letzing 

LONDON--Amidst a global crackdown on tax evasion that has shaken up Switzerland's offshore financial center, Standard Chartered PLC is seeking a buyer for its Swiss private bank, while two investment funds are looking at the Swiss wealth-management unit that Italian insurance giant Assicurazioni Generali SpA has put on the block.

Standard Chartered, which still aims to grow its private banking in other financial hubs including Singapore, Hong Kong and London, is selling the small Swiss unit after deciding it wasn't crucial to its efforts to be a dominant force in trade financing, investment and wealth management across Asia, Africa and the Middle East. It will continue to run a commercial bank in Switzerland.

Meanwhile, investment companies Cinven and Investindustrial have been looking at BSI, a Swiss-based bank that Generali put up for sale more than a year and half ago as part of its efforts to improve its financial position and refocus on core businesses, people familiar with the matter said. These people also say Portuguese lender Banco Espirito Santo has been interested in buying BSI but has put those plans on hold due to the asset quality review the European Central Bank is carrying out on euro-zone banks. A spokesman for Banco Espirito Santo didn't reply to an email seeking comment.

The moves come as both companies are trying to shed noncore operations and boost their financial health. Since Mario Greco took the helm of Generali in August 2012, the company sold a number of businesses or stakes in companies, including part of its shares in Banca Generali and a U.S.-based reinsurance business. Standard Chartered Chief Executive Peter Sands pledged in November to counteract a slowdown in some of its significant markets by getting out of businesses with limited appeal.

Meanwhile, Swiss private banking has become a tougher business in recent years. The country's banking system has been turned upside down by intense legal pressure from U.S. and European authorities aiming to track down undeclared assets hidden in Swiss accounts, spooking clients and driving a steady flow out of the world's largest offshore financial center. Indeed, such pressure is complicating the sale of BSI, with Italian authorities gearing up for a fresh crackdown on Italian money stashed in Switzerland.

More than a third of Switzerland's roughly 300 banks, including the Swiss units of Barclays and Coutts, have signed up for a U.S. Justice Department program unveiled last year that enables lenders to exchange information about U.S. accounts in exchange for guarantees that the banks won't be prosecuted.

Standard Chartered hasn't disclosed whether it signed up for the DOJ program, but it is under extra pressure to stay on the right side of U.S. laws after signing two-year deferred prosecution agreements with the DOJ and New York attorney general in December 2012 over transactions with Iranian clients.

A spokesman said the decision to sell the Swiss unit was made after a "comprehensive review." He declined to say if potential buyers have been contacted.

Standard Chartered's planned exit also highlights how the private banking business is shifting away from Switzerland and to the emerging markets.

Standard Chartered declined to say how much money the Swiss private bank manages or how many clients would be affected, but with just 65 employees, it is far smaller than Swiss private banking giants UBS AG and Credit Suisse AG.

Meanwhile, one person familiar with the matter said it would be difficult for Generali to sell the business for more than 1.5 billion Swiss francs ($1.7 billion), slightly less than two-thirds of its book value. Tax amnesties launched in Italy in recent years have driven money out of Swiss banks. A new effort by Rome to push Italian tax evaders to come clean also is weighing on the price for BSI, the person said.

Write to Margot Patrick at margot.patrick@wsj.com, Giovanni Legorano at giovanni.legorano@wsj.com and John Letzing at john.letzing@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
09/28 STANDARD CHARTERED : shares slump amid fears over USA bribery probe
09/28 STANDARD CHARTERED : shares slump amid fears over USA bribery probe
09/28 MTN denies illegal transfer of $14 billion from Nigeria
09/28 STANDARD CHARTERED : share price slides on bribery investigation
09/28 STANDARD CHARTERED : Chinas capital outflows increase for fourth straight month
09/28 STANDARD CHARTERED : Charted promises to grow Nigerian economy
09/27 STANDARD CHARTERED : StanChart, ADB inks RM80m SCF agreement
09/27 FTSE hovers near one-week lows as StanChart slides
09/27DJStandard Chartered Faces U.S. Probe Over Indonesian Investment
09/27 STANDARD CHARTERED : We've executed our first real-time cross-border payment for..
More news
Sector news : Banks - NEC
09/28DJWELLS FARGO : California Treasurer to Suspend Some Business With Wells Fargo -- ..
09/28DJWELLS FARGO'S CLAWBACK : Politicians, Pay Experts Dig In
09/28DJAnalysts See 57 Billion-Cubic Feet Rise in U.S. Natural-Gas Inventories
09/28DJJPMORGAN CHASE : Ban Business Dinners and 7 Other Career Tips From the CEOs of G..
09/28DJWELLS FARGO : Yellen Pressed to Scrutinize Big Banks in Wake of Wells Fargo Scan..
More sector news : Banks - NEC
News from SeekingAlpha
08/11 Standard Chartered Is A Value Investment
08/06 Standard Chartered's (SCBFF) Bill Winters on Q2 2016 Results - Earnings Call ..
08/03 Standard Chartered PLC reports 1H16 results
07/21 WALL STREET BREAKFAST : ECB Holds First Meeting Since Brexit
07/21 1MDB : Singapore uncovers lapses at DBS, UBS, StanChart
Financials ($)
Sales 2016 13 818 M
EBIT 2016 3 632 M
Net income 2016 -419 M
Debt 2016 -
Yield 2016 0,18%
P/E ratio 2016 -
P/E ratio 2017 14,89
Capi. / Sales 2016 1,88x
Capi. / Sales 2017 1,81x
Capitalization 25 992 M
More Financials
Duration : Period :
Standard Chartered PLC Technical Analysis Chart | STAN | GB0004082847 | 4-Traders
Full-screen chart
Technical analysis trends STANDARD CHARTERE...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus HOLD
Number of Analysts 25
Average target price 7,90 $
Spread / Average Target -0,52%
Consensus details
EPS Revisions
More Estimates Revisions
William Thomas Winters Group Chief Executive Officer & Director
John Wilfred Peace Non-Executive Chairman
Doris Honold Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
JPMORGAN CHASE & CO.0.50%237 596
WELLS FARGO & CO-17.05%226 444
More Results