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StanChart to focus on Asia

Standard Chartered plans to spend more money to grow its business in emerging-market countries including the UAE. The bank’s new chief executive Bill Winters feels the bank should be focusing on the UAE, India, Singapore, Hong Kong and Africa as areas where the bank would shift its capital and power to regional hubs. As part of the plan, the bank would empower local managers by removing overlapping layers of leadership as it cuts $1.8 billion in costs over the next three years, according to news reports. Earlier, rival HSBC has said it will be selling its banking operations in Brazil and Turkey to focus on emerging markets in Asia. It also said its UAE business featured prominently in its growth plans.

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