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Takeover talks ‘rubbish’, says StanChart

Peter Sands, chief execute of Standard Chartered Bank, has said the takeover talk that has resurfaced around his bank after recent problems is ‘rubbish’ and the Asia-focused lender’s prospects remain strong. It’s speculative rubbish, said Sands at the World Economic Forum. He reiterated that the bank is in very good shape, it has great opportunities in the markets, it has a very clear strategy and it has a great team. The bank had said earlier that two senior executives were leaving and that the bank is reorganizing its structure to revive performance after a tough year. After 10 record years, earnings for 2013 are expected to fall because of problems in Korea, tougher regulations and a slowdown in Asia. Its rivals like JP Morgan, ANZ Bank and Santander are among the names mentioned in speculative reports as the contenders for the bank.

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