SCBFF - Standard Chartered PLC

Other OTC - Other OTC Delayed Price. Currency in USD
9.03
+0.20 (+2.32%)
At close: 12:11PM EST
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Previous Close8.83
Open9.03
Bid0.00 x 0
Ask0.00 x 0
Day's Range9.03 - 9.03
52 Week Range7.16 - 9.55
Volume1,049
Avg. Volume3,704
Market Cap29B
Beta (3Y Monthly)1.52
PE Ratio (TTM)49.62
EPS (TTM)0.18
Earnings DateN/A
Forward Dividend & Yield0.22 (2.49%)
Ex-Dividend Date2019-08-08
1y Target EstN/A
  • Bernard Horn Goes 2 for 2 in 3rd Quarter
    GuruFocus.com

    Bernard Horn Goes 2 for 2 in 3rd Quarter

    Guru invests in Canadian bank and an Austrian paper manufacturer Continue reading...

  • Financial Times

    Gauging the switch from monetary to fiscal stimulus

    FT subscribers can click here to receive Market Forces every day by email. Few expect any surprises from upcoming central bank meetings, given how the year has seen the fastest pace of policy easing since the financial crisis. and the European Central Bank will send a message that monetary policy will stay in easing mode for quite a while, supported by their expanding balance sheets.

  • Financial Times

    Hong Kong banks race for digital dominance

    Hong Kong is not a city obviously in need of more banks. Almost all Hongkongers have at least one banking product and HSBC alone has 100 branches in the territory. Yet eight new entrants are set to join ...

  • Financial Times

    FCA fines hit highest level in four years

    A crackdown on mis-selling and financial crime has driven fines issued by the UK’s financial watchdog to their highest level in four years. Penalties levied by the Financial Conduct Authority have totalled £391.8m so far in 2019, the highest since 2015 and more than six times the amount last year, according to new data.

  • HSBC, StanChart Help Keep Coal Industry Alive, Says Greenpeace
    Bloomberg

    HSBC, StanChart Help Keep Coal Industry Alive, Says Greenpeace

    (Bloomberg) -- Four British banks have provided $31.8 billion of financing to coal companies in the past three years, even as they publicly moved away from doing business with some of the fossil-fuel industry, according to Greenpeace.The environmental group said Barclays Plc, HSBC Holdings Plc, Standard Chartered Plc and Royal Bank of Scotland Group Plc provided “life support” to companies with plans to build new coal plants, according to a report published Thursday.“The coal industry should be on its deathbed, but is being kept alive only by desperate and dirty funding from banks,” said Rosie Rogers, head of Greenpeace U.K.’s climate campaign.Greenpeace’s data tracked loans and underwriting of debt securities from the start of 2016 to Sept. 30 of this year. Since 2016, all four of the banks have said they’ve stopped lending to new coal-fired power plants. The banks have moved away from other hydrocarbon businesses: HSBC has said it won’t finance projects in Canada’s oil sands, for instance, and RBS has followed suit.When contacted by Bloomberg News for comment on Greenpeace’s data, all four banks’ press officers pointed to these policies and simultaneous efforts to finance renewable energy.Barclays, however, disputed some of Greenpeace’s methodology. The group’s data on coal lending would count a Barclays loan to a coal-producing conglomerate’s renewable division, for instance, even if the bank had no relationship financing coal production, according to a spokeswoman for the lender.Financial firms are under pressure from environmental groups to cut funding to businesses that emit large amounts of carbon dioxide, such as coal plants, and instead support climate-friendly projects. Another source of pressure is the rise of green investing, where funds have an explicit mandate to avoid buying stocks in companies perceived to fund dirtier industries.Greenpeace’s data was provided by Urgewald, a non-profit environmental and human rights organization, and BankTrack, a Dutch not-for-profit group that campaigns against the financing of projects it deems environmentally or socially harmful.To contact the reporter on this story: Alastair Marsh in London at amarsh25@bloomberg.netTo contact the editors responsible for this story: Tim Quinson at tquinson@bloomberg.net, Keith Campbell, Marion DakersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Companies go 'speed dating' in race for Singapore digital bank licences - sources
    Reuters

    Companies go 'speed dating' in race for Singapore digital bank licences - sources

    About three dozen firms including ride-hailer Grab, Standard Chartered and Singapore Telecommunications are in talks to form consortiums that can meet tough entry norms to bid for Singapore's digital bank licences, sources said. Singapore's biggest liberalisation of its banking sector in two decades seeks to enable online-only banks that can operate at lower costs and therefore offer different services than those of incumbents including DBS Group and OCBC. "There is a lot of speed dating going on," said Varun Mittal, who heads the emerging markets fintech business at consultancy EY.

  • China Bohai Bank to Plan $2 Billion IPO Amid Waning Demand
    Bloomberg

    China Bohai Bank to Plan $2 Billion IPO Amid Waning Demand

    (Bloomberg) -- China Bohai Bank Co., a mid-sized lender part-owned by Standard Chartered Plc, has picked lead banks for a planned Hong Kong initial public offering that could raise more than $2 billion, according to people familiar with the matter.The Tianjin-based lender is working with ABC International Holdings Ltd., CCB International (Holdings) Ltd., CLSA Ltd. and Haitong International Securities Group on the share sale, said the people, asking not to be identified because the matter is private. The bank will probably list in the second half of next year, two of the people said.Bohai Bank joins a flurry of Chinese lenders seeking to raise capital at a record pace as they grapple with rising bad loans amid the slowest economic expansion since the early 1990s. Policy makers have called on banks to help revive the nation’s growth and boost loans to China’s cash-starved non-state sector, which would see them take on more risks.Bohai Bank, with 1 trillion yuan ($142 billion) of assets, saw its nonperforming loan ratio rise to 1.84% by the end of 2018 from 1.74% a year ago, with revenue declining 8.1%, according to its annual report. Standard Chartered held about 20% in the firm as its second-largest shareholder, while local government-backed TEDA Investment Holding owned 25%.The planned offering comes as investor appetite is waning after a spate of declines in freshly listed firms on the mainland. Postal Savings Bank of China Ltd., one of the nation’s largest state-owned lenders, drew the lowest demand from retail investors in almost half a decade for its listing in China. Shares of China Zheshang Bank Co. fell below its IPO price shortly after its debut. Meanwhile, Hong Kong-listed Chinese banks have lost an average of more than 10% this year, with some smaller lenders losing over half of their value. No final decisions have been made on Bohai Bank’s IPO, and details of the offering could change, the people said.A representative for the lender didn’t immediately respond to a request for comment. Representatives for ABC International, CCB International, CLSA, Haitong declined to comment or weren’t immediately available.To contact Bloomberg News staff for this story: Carol Zhong in Hong Kong at yzhong71@bloomberg.net;Vinicy Chan in Hong Kong at vchan91@bloomberg.net;Evelyn Yu in Shanghai at yyu263@bloomberg.netTo contact the editors responsible for this story: Candice Zachariahs at czachariahs2@bloomberg.net, Jun Luo, Jonas BergmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Private Equity Snaps Up Bargains in India’s Shadow Bank Crisis
    Bloomberg

    Private Equity Snaps Up Bargains in India’s Shadow Bank Crisis

    (Bloomberg) -- Private equity funds are picking through the rubble of India’s crisis-stricken shadow banking sector, even as other investors balk.The funds have invested about $2 billion this year in the country’s non-bank financing sector, which is worth some $40 billion. While that’s not enough to staunch the 16-month long cash crunch following the collapse of IL&FS Group, it is 50% higher than the average over the last four years and comes after a strong 2018, according to data from research firm Venture Intelligence.Investing in India’s shadow banks involves some serious risks. Slowing economic growth could drag more financiers into default. Altico Capital India Ltd., whose shareholders include Fiera Capital and Varde Partners, missed debt payments in September. The head of KKR & Co.’s lending business in India resigned last month amid rising defaults in the sector.There’s also concern liquidations could spread after major shadow lender Dewan Housing Finance Corp. was seized by authorities last week. Apollo Capital and Cerberus are eyeing a stake in Dewan Housing, the Economic Times reported, citing an unidentified person familiar with the development.But signs suggest private equity interest remains strong. PE adviser Vidura Capital is working on fundraising for six non-bank lenders, while Spark Capital Advisors India Pvt. is helping five, representatives for the firms said.Other types of investors have gotten cold feet.Mutual funds, which have been an important source of funds, cut their exposure to shadow bank bonds to the lowest in five years in October, Securities and Exchange Board of India data show.The share of money from insurers as part of NBFCs’ total funding has also declined to the lowest in at least two years, according to Reserve Bank of India data.Shadow banking is not a sector where anything you pick is good, said Skanda Jayaraman, managing director for investment banking at Spark Capital Advisors India, which last month advised Aptus Value Housing Finance India Ltd. on an equity raise. Still, “it’s a great time for private equity players to look at NBFCs as the valuations can be attractive.”NBFCs focused on financing micro-, small- and medium-sized firms have seen significant interest from private equity funds, according to Arpan Sheth, a partner at Bain & Co.Here are some of the biggest private equity investments in the sector in 2019:Source: Venture Intelligence(Adds information on Dewan Housing stake in fourth paragraph.)To contact the reporters on this story: Rahul Satija in Mumbai at rsatija1@bloomberg.net;Baiju Kalesh in Mumbai at bkalesh@bloomberg.netTo contact the editors responsible for this story: Andrew Monahan at amonahan@bloomberg.net, Anto Antony, Beth ThomasFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    Lloyds to cut chief António Horta-Osório’s pay by £220,000

    António Horta-Osório, Lloyds’ chief executive, receives a pension allowance worth 33 per cent of his salary, compared with an average contribution of 13 per cent of salary for the rest of the lender’s 65,000 employees. Lloyds, which also owns the Halifax, Bank of Scotland and Scottish Widows brands, has told shareholders it plans to give all staff an annual pension contribution equivalent to 15 per cent of their base salary from next year, according to people briefed on the discussions. The change would reduce Mr Horta-Osório’s allowance by about £228,000, based on his 2019 salary.

  • China’s Economy Slows for 7th Month, Early Indicators Show
    Bloomberg

    China’s Economy Slows for 7th Month, Early Indicators Show

    (Bloomberg) -- The earliest-available indicators of China’s economic performance point to a continued slowdown in November.Economic growth was already the slowest in almost three decades in the third quarter, and Bloomberg Economics’ gauge aggregating the earliest data from financial markets and businesses shows that continuing, with a worsening picture for trade, sales manager sentiment, and factory prices.While tensions with the U.S. have eased since the two sides announced talks toward a so-called “phase one” deal last month, a leading indicator for trade flows in Asia, South Korean exports, still contracted almost 10% in the first 20 days of November. That’s an improvement from September’s worst result in a decade, but it indicates that high-technology trade across the region is still struggling as the Christmas shopping season approaches.Profits at Chinese industrial firms fell the most on record in October, dropping 9.9% from a year ago, data from the National Bureau of Statistics showed Wednesday. The decline in prices at the factory gate is one of the factors undercutting those profits and is expected to continue in November, according to a Bloomberg tracker of producer prices.The falling prices indicates domestic demand is weak. If those deflationary effects continue it will further hurt corporate profits at home and eventually drag down prices and profits overseas as well.Sales managers at Chinese companies reported the worst conditions on record, with the headline index and sub-indexes for manufacturing and services all below the 50 level that separates growth from contraction. Business confidence was at a 14-month low, and all the gauges for manufacturing dropped from recent months, suggesting widespread problems, according to World Economics, which compiles the data.SAIC Motor Corp., the biggest Chinese carmaker, has reported four consecutive quarters of falling profit as consumers have stayed away from showrooms. Auto sales have slowed in particular outside big cities, where less affluent consumers are more likely to be hit by the slowing economy. The carmaker cut its sales forecast in July, predicting the first annual decline in 14 years.Warren Buffett-backed BYD Co., China’s biggest maker of new energy vehicles, last month reported an 89% slump in third-quarter earnings and warned profit could fall as much as 43% this year. Electric-car maker BAIC BluePark New Energy Technology Co. forecast a 2019 loss in a grim earnings update.What Bloomberg’s Economists Say..“Given weak global demand and uncertainties over trade talk, China’s growth has to rely more on domestic demand. However, worryingly, China’s factory deflation continued and deepened for the fifth month.”Qian Wan, Bloomberg EconomicsYet there is some optimism among the parts of the economy most exposed to the global economy. Export-focused firms were more upbeat in a Standard Chartered Plc survey of smaller businesses.“Production activity accelerated as external demand rebounded” while the new orders sub-index for domestically focused smaller companies weakened, Hunter Chan and Ding Shuang from Standard Chartered wrote in the report. “The manufacturing sector outperformed, its performance index rising to a seven-month high, while that of the services sector dropped.”Iron ore prices have risen recently on optimism for domestic demand next year, with prices of steel rebar, which is used in construction, surging to their highest since May.Note on Early Indicators constructionBloomberg Economics generates the overall activity reading by aggregating the three-month weighted average of the monthly changes of eight indicators, which are based on business surveys or market prices.Major onshore stocks - CSI 300 index of A-share stocks listed in Shanghai or ShenzhenKey property stocks - All the constituents of CSI 300 Index that are in the real-estate industryIron ore prices - Spot price of iron ore for shipment to Qingdao portCopper prices - Spot price for refined copper in Shanghai marketSouth Korean exports - South Korean exports in the first 20 days of each monthFactory inflation tracker - Bloomberg Economics created tracker for Chinese producer pricesSmall and medium-sized business confidence - Survey of companies conducted by Standard Chartered BankSales manager sentiment - Survey of sales managers in Chinese companies by World Economics Ltd.(Updates with weak car sales from seventh paragraph.)To contact Bloomberg News staff for this story: James Mayger in Beijing at jmayger@bloomberg.netTo contact the editors responsible for this story: Jeffrey Black at jblack25@bloomberg.net, James MaygerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • China Plans Record Sale of Dollar Bonds With Possible $6 Billion Offering
    Bloomberg

    China Plans Record Sale of Dollar Bonds With Possible $6 Billion Offering

    (Bloomberg) -- China is planning a record sale of sovereign bonds in dollars, with a potential $6 billion offering, according to people familiar with the discussions.The Ministry of Finance is considering tenors of three years, five years, 10 years and 20 years, according to the people, who asked not to be named as the talks aren’t public. The ministry didn’t immediately respond to a request for comment.This marks the third straight year for China to issue dollar debt, and underscores the nation’s continued interest in building out an offshore market where its companies and local authorities can tap funding. The 20-year note will fill a gap between 10-year and 30-year securities issued in 2018.“It reaffirms China’s determination to develop an orderly offshore dollar bond market for Chinese issuers,” Anne Zhang, head of fixed income for JPMorgan Private Bank in Asia, said of the offering. “The new deal will further complete a sovereign curve,” she said.China’s sale is planned for as soon as Tuesday, the people familiar with the discussions said. It follows the country’s first euro bond in 15 years -- which saw blowout demand among investors eager to snap up securities with positive coupons amid a swathe of negative-yielding debt.A $6 billion dollar issue would be double the size of last year’s, and triple the amount sold in 2017, when China resumed issuing sovereign dollar debt for the first time since 2004.The Chinese dollar bond market now exceeds $740 billion, according to data compiled by Bloomberg, and is both a key source of funding for domestic borrowers and an outlet for investing Chinese foreign-currency deposits.Issuance dipped in 2018 after a record 2017, hurt in part by depreciation of the yuan as the U.S.-China trade war erupted. But sales have rebounded this year as U.S. Treasury yields came down. The yuan has also stabilized in recent weeks, following the resumption of Sino-American trade negotiations.Chinese borrowers have issued $195 billion of dollar bonds so far this year, a record pace, according to data compiled by Bloomberg. The all-time high for a full year was $211 billion in 2017.Builder BingeInvestment-grade securities account for about 53% of Chinese dollar bonds, with high-yield notes at 38%. Property developers have racked up record issuance of $78.5 billion this year.While China has the world’s second-largest bond market, in some ways it remains relatively underdeveloped, according to Becky Liu, head of China macro strategy at Standard Chartered Plc in Hong Kong. The country is still building out a domestic institutional investor base such as the pension funds and insurers that are a major feature overseas. Banks are the main holders of bonds onshore.“There is a good number of companies that do not have a funding channel at home,” Liu said. That’s why even domestic-focused enterprises can tap the dollar-debt market, she said.The record China sale isn’t huge relative to some other sovereign issues. Italy sold $7 billion of dollar bonds last month. Argentina sold $9 billion in January 2018.China holds the fifth-highest investment grade rating at Moody’s Investors Service, S&P Global Ratings and Fitch Ratings. That’s below South Korea, though on par with Japan, Moody’s and S&P scales show. China’s planned bond issue will be unrated.(Adds analyst comments starting in third-to-last paragraph.)\--With assistance from Tongjian Dong.To contact the reporters on this story: Annie Lee in Hong Kong at olee42@bloomberg.net;Rebecca Choong Wilkins in Hong Kong at rchoongwilki@bloomberg.net;Ina Zhou in Hong Kong at hzhou179@bloomberg.netTo contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net, Christopher Anstey, Chan Tien HinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-Company logos vanish from Prince Andrew's website as sex scandal grows

    A scheme for entrepreneurs founded by Prince Andrew has taken down the logos of its corporate sponsors from its website, as firms and charities distance themselves from the British royal over a sex scandal. Andrew, Queen Elizabeth's second son, denies an allegation that he had sex with a 17-year-old girl procured for him by his friend Jeffrey Epstein, who killed himself in a U.S. prison in August while awaiting trial on sex trafficking charges. The scandal has escalated since Andrew's rambling denials and explanations in a disastrous TV interview aired on Saturday left many viewers incredulous, and his apparent lack of compassion for Epstein's victims drew widespread condemnation.

  • Dollar Roadblock From Fed’s Balance Sheet Sets Up Euro Rally
    Bloomberg

    Dollar Roadblock From Fed’s Balance Sheet Sets Up Euro Rally

    (Bloomberg) -- It doesn’t look good for the dollar. Morgan Stanley sees a glut looming, while Standard Chartered Plc says the growing U.S. monetary base will undercut the greenback.There’s a rising tide of supply as the Federal Reserve pumps dollars into bank-funding markets in the wake of September’s upheaval. That has the potential to dent the yield advantage that U.S. markets offer just as a change of management at the European Central Bank could draw a line under monetary easing in the euro’s home region.“So far, the Fed’s liquidity-add has been absorbed by commercial banks’ year-end-related liquidity demand,” say Morgan Stanley strategists including Hans Redeker. “Once the year-end turn has passed, dollar scarcity may turn into a dollar glut.”That, coupled with stronger global growth outside of the U.S. and dwindling portfolio inflows, makes a decline in the value of the dollar one of Morgan Stanley’s top trends to watch next year. While the world’s gross domestic product growth may slow to 3.1% this year, that’s around a percentage point higher than the U.S., according to estimates compiled by Bloomberg.Research from Standard Chartered analysts including Steve Englander shows that since 2011, a rapidly growing U.S. monetary base has been a good indicator of euro strength.Meanwhile, the uncertainty posed by a public impeachment inquiry into U.S. President Donald Trump’s actions involving Ukraine and the 2020 American elections could hurt the dollar’s appeal, which may dim relative to the euro. The White House’s criticism of the Fed’s monetary policy returned to the fore in Washington, when Trump said he “protested” to Chairman Jerome Powell about interest rates, which the president considers to be too high relative to other developed countries. The shared currency held steady at $1.1070 Tuesday, after Monday’s gain of 0.2% trimmed its 2019 decline to 3.5%.Credit Agricole SA says the worst may be over for the euro-dollar cross because the economic downturn in the euro area may have bottomed out. Morgan Stanley sees the euro rallying in the first quarter because of “narrowing U.S.-Europe growth differentials” and improving political factors, while Deutsche Bank AG’s euro-area data-surprise indicator turned positive for the first time in 20 months.That makes euro-area purchasing managers’ indexes due Friday all the more important. A confirmation that the region’s economies aren’t as pressured as previously feared could boost the common currency.The caveat that most analysts point to is potential progress in trade talks between the U.S. and China. If there’s no deal, and more tariffs are imposed, then the dollar could win out and risks to global economic growth may ramp up.Questions over possible fiscal stimulus from Germany and uncertainty over the ECB’s path are also wild cards for the euro. Growth that continues to muddle along risks keeping calls for a fiscal boost in check and ECB accommodation in limbo, sapping support for the currency.“With the ECB racked by internal disagreement on monetary policy as the Christine Lagarde era commences, policy in the euro zone is as stalled and unclear as ever,” according to John Velis, a foreign exchange and macro strategist at Bank of New York Mellon Corp.(Adds detail on Trump’s meeting with Powell in sixth paragraph, updates euro price)\--With assistance from Alyce Andres.To contact the reporter on this story: Michael Hunter in London at mhunter72@bloomberg.netTo contact the editors responsible for this story: Dana El Baltaji at delbaltaji@bloomberg.net, Benjamin Purvis, Anil VarmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg

    Aramco Failure to Win Foreign Money Makes IPO Local Event

    (Bloomberg) -- Two years ago, when the initial public offering of Saudi oil giant Aramco held the imagination of foreign investors, President Donald Trump felt compelled to publicly lobby for the share sale to happen in America.“Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange,” Trump tweeted in November 2017.Today Saudi Aramco isn’t just shunning New York -- and other international exchanges -- as a listing venue, but has decided it won’t even market the IPO to American, Canadian, European or Japanese investors. Instead, Aramco plans to rely heavily on ultra-wealthy Saudis, many of whom have been pressed to invest, to get the deal done. Saudi banks are loosening lending regulations to allow locals to buy more shares.The IPO once was promoted as the strongest sign of economic change in Saudi Arabia: the deal that was going to attract tens of billions of foreign capital into the kingdom. Instead, a slimmed down share sale is starting to look more like a levy on the country’s economy as Saudi investors, large and small, take the place of foreign money managers.It may well still be the world’s largest IPO, perhaps raising about $25 billion and valuing the company at $1.6 trillion to $1.7 trillion, well above the biggest names of Silicon Valley. But that’s short of the $100 billion that Saudi Crown Prince Mohammed bin Salman said he was hoping to raise when he first mooted the IPO in 2016. At that point, he targeted a valuation of at least $2 trillion.“Saudi Arabia has been moving the IPO toward becoming more focused on regional investors for a while,” Ayham Kamel, Middle East practice head at consultant Eurasia Group. “Western demand was going to be lukewarm given the valuation and the geopolitical risk.”So poor is the international appetite for the deal, even at the lower valuation, Saudi Aramco decided at the last minute against marketing the IPO in the U.S., Canada and Japan -- three markets traditionally seen as a must-go destination for any big Wall Street deal. Instead of the planned approach to American investors, using what lawyers and bankers know as the 144A rule of the U.S. Securities Act, Aramco decided on Sunday the tepid interest meant it wasn’t worth the trouble.The array of Wall Street banks, including Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co, with mandates to sell the stock to international investors, were taken aback by the sudden decision, according to people familiar with the matter, who asked not to be named discussing private conversations.Skipping the U.S. means saying goodbye to powerful American pension funds with billions of dollars managed from cities like Boston and Los Angeles.On Monday, Aramco’s banks told investors in London and other European cities that roadshow events planned for this week had been canceled.In a sign of Aramco’s shifting ambitions, the company published an English version of the updated prospectus more than 24 hours after the Arabic version posted the target price range early on Sunday.“The valuation range is higher than most institutional investors would consider attractive,” said Neil Beveridge, analyst at Sanford C. Bernstein & Co. “Aramco’s price range would imply a premium valuation to western oil majors on almost every valuation metric.”The new valuation implies Aramco, which has promised a dividend of at least $75 billion next year, will reward investors with a dividend yield of between 4.4% and 4.7%, below what other oil majors pay. Exxon Mobil Corp. pays a dividend yield of just under 5%, while Royal Dutch Shell Plc pays 6.4%.The difference between local and foreign investors is that Prince Mohammed, the country’s day-to-day ruler, has leverage at home. Overseas, he has almost none.Many of the rich Saudi families that will now become key investors in Aramco learned the ruthlessness of Prince Mohammed during the crackdown that saw many arrested in the Ritz Carlton hotel in Riyadh in 2017. Prince Mohammed also controls the local banking industry, which will lend billions of dollars to Saudi retail investors to buy shares.Despite the tepid interest overseas, the 34-year-old Prince Mohammed is all but sure to get the job done -- even if the result falls short of his original ambitions. As well as a lower valuation between $1.6 and $1.7 trillion, it won’t be the 5% of company’s capital he envisioned. Instead just 1.5% will be offered.The combination of a lower valuation and a smaller stake means that there will almost certainly be enough Saudi money to buy the shares – and perhaps guarantee reasonable post-IPO trading -- but the sale will be a long way from the seismic global financial event Prince Mohammed touted in back in 2016.(Adds publication of Aramco prospectus.)\--With assistance from Dinesh Nair, Jack Farchy, Matthew Martin, Archana Narayanan and Swetha Gopinath.To contact the reporter on this story: Javier Blas in London at jblas3@bloomberg.netTo contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • UK lawmaker blames HSBC, Standard Chartered, Bank of Baroda in South Africa corruption
    Reuters

    UK lawmaker blames HSBC, Standard Chartered, Bank of Baroda in South Africa corruption

    Corruption under South Africa's former president Jacob Zuma was enabled by international banks, companies and governments which should now seek to recover the loot they helped to launder, British lawmaker Peter Hain told an inquiry on Monday. HSBC, Standard Chartered and India's Bank of Baroda as well as their senior directors were "directly culpable" in the looting of South Africa's treasury under Zuma, Hain said in his submission to the Judicial Commission of Inquiry into Allegations of State Capture.

  • Reuters

    UPDATE 2-UK lawmaker blames HSBC, Stanchart, Baroda in S.Africa corruption

    Corruption under South Africa's former president Jacob Zuma was enabled by international banks, companies and governments which should now seek to recover the loot they helped to launder, British lawmaker Peter Hain told an inquiry on Monday. HSBC, Standard Chartered and India's Bank of Baroda as well as their senior directors were "directly culpable" in the looting of South Africa's treasury under Zuma, Hain said in his submission to the Judicial Commission of Inquiry into Allegations of State Capture.

  • South China Morning Post

    Protest chaos leads to the most bank branch closings in Hong Kong's history other than during typhoons

    A third day of violence and traffic disruptions by protesters in Hong Kong led 250 bank branches to close Wednesday the whole day " the most in the city's history except during severe typhoons.One in five branches of the 18 major banks, including all three note-issuing banks in the city " HSBC, Standard Chartered Bank and Bank of China (Hong Kong) " shut their doors for the day. In addition, another 100 bank branches closed earlier than usual.The troubling sign in one of Asia's most important financial hubs occurred as protesters used bricks to smash the glass facade of the branch of the Bank of Communications (Hong Kong) on Pedder Street in Central. The crowd, including some people in suits, clapped when the glass broke.The closed bank outlets represented about 19 per cent of all 1,300 branches in the city, based on banks contacted by the South China Morning Post and information posted on bank websites."In view of special traffic conditions, some bank branches in various districts in Hong Kong are closed today and services are suspended," said a statement of The Hong Kong Association of Banks, which apologised to customers."Should customers need branch services today, they are recommended to call the bank hotlines or visit the websites to check the availability of the branch services."Protesters have smashed the glass window of a Bank of Communications branch with rocks in Central. HongKongProtestsVideo: SCMP/Chris Lau pic.twitter.com/4eMYmd4Ixs" SCMP Hong Kong (@SCMPHongKong) November 13, 2019ATMs and online banking services remained available.It was the second time in three months that a massive number of bank branches closed due to protests. On August 5, 230 bank branches closed either for part or all of the day due to a protest-related strike and demonstrations that also brought traffic to a standstill."Due to public events and partial suspension of transportation, services of individual banks may be subject to different level of disruptions at different times of the day," a spokesman of the Hong Kong Monetary Authority said. "The HKMA reiterates that the Hong Kong banking system is robust and sound, with ample liquidity to meet the needs of the public." Live: Bank vandalised during lunchtime protest in Hong Kong's business districtMany MTR stations and roads were shut on Wednesday as anti-government protesters tried to paralyse traffic for the third straight day. They attacked trains and blocked major roads in Mong Kok, Yuen Long and Fanling. Shopping malls, such as Festival Walk, faced substantial damage on Tuesday night.Hang Seng Bank, a subsidiary of HSBC, closed the most branches among all banks, shutting down 77 branches or outlets on Wednesday morning, including those in the city's five universities and 15 inside MTR stations, according to its website. The bank's spokeswoman said 23 branches would reopen in the afternoon. Hong Kong protests: It's a woeful time to be in hotels as vacancy soarsHSBC, the largest bank in Hong Kong and Europe, did not disclose how many branches it had closed, but provided a list showing about 36 branches and premium centres remained open. The bank has about 100 branches and outlets in the city, meaning about 64 branches shut their doors on Wednesday. The bank said in the afternoon that all its branches would close an hour early, at 4pm.China Citic Bank closed 17 branches on Wednesday, Chong Hing Bank closed seven branches, Bank of East Asia shut down 10 branches including four in the universities where the protesters have vandalised campuses in recent days, according to a spokesperson of these lenders in response to the Post's enquiries.Standard Chartered and China Construction Bank (Asia) each closed 14 branches, according to the website of HKAB. Beijing's top office in Hong Kong urges stronger crackdownThe website also showed OCBC Wing Hang Bank shut down nine branches for the whole day, while the rest of its 27 branches closed 30 minutes or an hour earlier. Dah Sing Bank closed eight branches, DBS Bank closed five branches and ICBC Asia shut down all of its 57 outlets.Bank of China (Hong Kong), which has been targeted by protesters because of its mainland background, did not disclose how many branches closed on Wednesday. Its website showed it closed three branches on November 4. The bank did not reply to a Post inquiry on Wednesday.Other closures included: Bank of Communications (Hong Kong) (two branches), Chiyu Banking Corporation (one branch), Citibank (three branches), CMB Wing Lung (three branches), Fubon Bank Hong Kong (two branches), Public Bank (Hong Kong) (one branch).George Lau, a retail store supervisor in Sai Wan Ho, said the closing of his bank branch was a pain."I wanted to cash in a cheque from Standard Chartered Bank to pay for the services fee for a delivery company. However, the bank's nearby branch was closed today so I could not get the money from the branch. It is inconvenient," Lau said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

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