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’UK banks owed $5bn by Dubai World
UK banks have an aggregate exposure to Dubai World of about $5bn, confirming them as the biggest creditor group at the stricken emirate holding company. A week after Dubai World called for a debt standstill,
CDS report: Dubai has more in common with Latvia than Iceland
Gavan Nolan of Markit wrote this CDS report
European credit and equity markets suffered a torrid session today as the debacle in Dubai sparked a fresh bout of risk aversion. The Markit iTraxx Europe index ended the day at 89.5bp,
European banks most exposed to UAE debt [UPDATED]
Here’s a nifty breakdown of global banks’ exposures to the United Arab Emirates, via Reuters on Friday.
According to the Bank for International Settlements, banks have claims totalling $123bn on debtors in the UAE,
StanChart chief hits at regulation
The chief executive of Standard Chartered Bank has launched a caustic attack on the direction of global regulation and warned of the “real cost” to be “borne by the economy” if proposed regulations are implemented.
StanChart, RBS abandon deal
Talks between Standard Chartered and RBS for the sale of RBS’ assets in India, China and Malaysia appear to have failed, reports the WSJ. StanChart had been willing to pay $200m-$250m for the assets, but RBS wanted “much more”
Peak banks
Here’s an interesting little table from the banking team at Citigroup.
That’s right, Standard Chartered, HSBC and Santander have exceeded their historical equity market capitalisation peaks, according to Citi.
StanChart sells Korean card business
Standard Chartered has agreed to sell its stake in South Korea’s largest credit card company to a Korean private equity fund. The bank’s 14.85% stake in BC Card, alongside a 15.83% stake owned by Hana Bank,
Snap news
Breaking pre-market news on Tuesday,
- German July retail sales rose for the first time in three months – Bloomberg.
- Ebay to sell Skype to private investors – NY Times.
- China’s CDB launches $5.1 bln investment arm (report) – Reuters.
RBS sale of China assets faces hurdle
The sale of Royal Bank of Scotland’s retail and commercial assets in China has hit a stumbling block that could derail negotiations with preferred bidder Standard Chartered. StanChart entered exclusive talks with the UK lender last month to acquire assets in China,
China’s fiscal stimulus fading fast
Standard Chartered analyst Stephen Green has been pondering the meaning of the People’s Bank of China (PBoC)’s declaration that monetary policy was undergoing a ‘moderate adjustment’”
As he writes on Wednesday:
StanChart unveils £1bn fundraising
Standard Chartered on Tuesday said it planned to raise another £1bn from investors through a share placing, primarily to fund growth in Asia. The surprise capital raising, which comes on the heels of a rights issue that raised £1.8bn last December,
KBC – not hollowing out, just quietly self-immolating
Things have lurched from bad to worse at the Japanese outpost of KBC. But with bosses in the Brussels HQ of Belgium’s third-largest bank fighting far bigger fires, the folks in Tokyo are floating rudderless as their chief executive jumps ship to a cushy job at Deutsche Securities and angry employees fight a potentially troublesome law suit.
One small, faltering step for China…
And these people want to dethrone the dollar?
At a seminar for 150 clients today Standard Chartered Bank (Hong Kong) announced that the bank has completed the first cross-border trade settlement transactions in RMB,
StanChart names Peace chairman
John Peace, who has been appointed chairman at Standard Chartered, the emerging markets bank, is to receive £650,000 a year plus a further £500,000 in shares that will vest over the next three years.
StanChart, ANZ in talks for RBS assets
Standard Chartered and ANZ have both entered exclusive talks to acquire separate parts of the Asian retail and commercial assets being sold by Royal Bank of Scotland. Both bidders were last week granted preferred bidder status for different RBS assets,
Sale of RBS Asian assets to ‘drag on’
The sale of Royal Bank of Scotland’s Asian assets is likely to drag on through the summer after failing to attract enough bids amid uncertainty surrounding the divestment. Potential bidders had until last weekend to table non-binding offers,
The race for RBS’s Asian assets: ANZ plays in the big league
ANZ, Australia’s fourth largest bank, is going up against the big boys in the race for some of RBS’s Asian assets, and on Wednesday signalled it means business by launching an A$2.5bn ($2.3bn) rights issue to fund a prospective bid.
Crisis? What crisis?
How quickly markets forget. From UBS.
Related link:
Market sentiment: Faber et al take on ‘green shoot ennui’ – FT Alphaville
StanChart sees record Q1 profit
Standard Chartered said on Tuesday it was in “very good shape” as the emerging markets bank reported record levels of income and profit in the first quarter. In a trading update, the bank singled out a strong performance from its wholesale banking arm as the main reason for its buoyant start to 2009.
CDS report: Debt buybacks, FASB and viAIGra stimulate the banks
The cost of insuring European corporate debt against default eased again on Monday as sentiment towards banks improved after last week’s loosening of US mark-to-market accountancy rules. In morning trade the Markit iTraxx Europe index of investment grade companies fell 9 basis points to 157bp,
HSBC needs to raise more than $15bn
Morgan Stanley’s UK banks analyst Michael Helsby has an ally.
Daniel Tabbush of Hong Kong-based CLSA also reckons HSBC will ask its shareholders for cash. However, if the bank follows the lead of rival Asian banks Standard Chartered and DBS and raises a sum equivalent to 13 per cent of shareholders’ funds – some $15bn – Tabbush fears it won’t be enough.
Davies quits StanChart for government
Mervyn Davies, chairman of Standard Chartered bank, was on Wednesday hired by Gordon Brown to head Britain’s trade promotion efforts. Davies will become trade minister, replacing Digby Jones. But his remit will also take him into Brown’s inner circle of advisers grappling with efforts to restore credit to the economy.
StanChart chief warns on banks
Politicians and regulators must appeal directly to institutional investors if they are to break the paralysis in the banking sector, the chief executive of Standard Chartered has warned. In an FT interview,
£1.8bn StanChart rights issue well received
Standard Chartered shares fell less than expected on Monday after the emerging markets bank confirmed plans to launch a £1.8bn rights issue to boost its capital reserves. The offer is the first issue by a UK-based bank since market turmoil cast doubt on the ability of banks to raise fresh capital from existing shareholders.
Reality bites at Standard Chartered
Management at the emerging markets bank have now had to eat several courses of their own words.
Here’s the latest dish – a deeply discounted rights issue to raise £1.78bn.
Highlights:
30-for-91 terms at 390p
Temasek,
StanChart plans $3bn rights issue
Standard Chartered Bank is planning a $3bn rights issue to boost the emerging markets bank’s capital reserves and ease investors’ concerns about its ability to weather a severe economic downturn. StanChart was on Sunday night details of the issue,