(Asia) – Banking group Standard Chartered is starting to see recovery in its principal Asian markets although Hong Kong’s bankruptcy levels remain a real concern.The Bank earlier this year reported a 20 percent fall in pre-tax profit to US$1.148 billion, following downturns in its main Asian markets. Hong Kong is its single biggest market, representing nearly a third of its total revenue and, of course, the key gateway to mainland China’s burgeoning demand for banking service.
Concerns over whether StanChart could lift its act in wholesale banking without external partnering have been discounted by the Bank – indeed in the latest East & Partners’ review of the region’s corporate transaction banking markets, StanChart has recorded “Best Transaction Bank” for corporates in Asia by its top-end customers.