作为新兴市场的主要贷方，标准的特许银行很好地熟悉与该领域一起的UPS和下跌。The London-based bank, which traces its roots back to the 19th century as a financier of British imperial trade, expanded aggressively in Latin America in the 1970s, only to suffer big losses during the Latin debt crisis in the ’80s and narrowly escape a hostile takeover attempt by Lloyds Bank in 1986. Just over a decade later, the bank’s core Asian banking businesses were hit hard by the region’s financial turmoil, causing profits to plummet. Even when Asian markets recovered several years ago, Standard Chartered was seen by many analysts and investors as too small to compete effectively, making it a potential takeover target for larger rivals such as HSBC Holdings and Citigroup.
然而，今天，渣打银行在大萧条以来最大的金融危机中蓬勃发展。主要银行的得分已经遭受了数十亿美元的次级抵押和其他有毒资产损失，并且必须转向他们的政府为救助。相比之下，渣打银行的接触可忽略不计，使其能够避免巨大的缩减和去年发布记录利润。该银行正在迅速扩大其在印度和中国的存在，两个仍在增长的市场，它是最大的外国贷款人之一。而且比猎杀更猎人。渣打银行在过去的四年中已经在韩国和台湾获得了银行，去年，它拿起了JPMORGAN Cazenove的亚洲股票业务，以加强该地区的咨询和资本市场能力。Peter Sands是一位前麦肯锡公司自2002年以来担任CFO和首席执行官的麦肯锡和Co.顾问，并担任2006年首席执行官，希望利用该公司的相对优势来制定更多机会性交易。
“我认为任何银行家都不能在9月到2008年11月期间有一些不安的时刻，”47岁的执行官告诉亚博赞助欧冠in a recent interview on the 32nd floor of the bank’s Hong Kong headquarters, which towers over the city’s picturesque Victoria Harbour. "The thing that stood us in good stead is our focus on Asia, Africa and the Middle East. We have been disciplined in sticking to our strategy. Banks often get in trouble when they get off-key."
Sands的目标方法正在为标准包装提供良好的良好。The bank, which gets 71 percent of its revenue and 78 percent of pretax profits from Asia, has taken advantage of the region’s economic boom to triple its revenue from 2003 to 2008. Although profits have collapsed in much of the global banking industry — banks insured by the U.S. Federal Deposit Insurance Corp. saw their collective profits plunge by 83.9 percent last year, to $16.1 billion — Standard Chartered boosted net income by 17.5 percent, to $3.51 billion, in 2008. Revenue, driven by robust growth in corporate lending, was up 26 percent, to $14.97 billion. Although it did not disclose any figures, the bank announced last month that it had achieved record levels for revenue and profits in the first quarter of this year.
Can Sands can keep that growth on track? The plunge in global trade following the collapse of Lehman Brothers Holdings last September has hit Asia’s export-dependent economies hard. Singapore and South Korea, two of Standard Chartered’s top four markets, have fallen into deep recessions, and China and India have seen their red-hot growth rates cool off. The bank’s net provisions for bad debt rose 71 percent last year, to $1.3 billion, and executives acknowledge that they are almost sure to rise further in 2009.
"An environment of slower economic growth will undoubtedly lead to more company failures, more unemployment, and naturally put pressure on loan impairment, and that’s true for us as well as every financial institution," notes Sands.
尽管如此，许多竞争对手肯定会喜欢在标准的特许困境中。与其中几个英国竞争对手不同，渣打银行仍未转向美国政府救助。根据Citigroup的分析师称，11月份该银行于11月筹集了27亿美元的核心核心问题，增长1个百分点，达到7.6％，而主要欧洲银行的平均值为7.1％。“除了在经济衰退期间为我们提供垫子，额外的资本将使我们能够更好地支持客户，并从分心的同行中脱离市场份额，”沙滩讲述II。“在这些时代，资本是一个竞争优势。”
The bank is also highly liquid. Customer deposits surged by 31 percent in 2008, reflecting its "reputation as a flight-to-quality institution," says finance director Richard Meddings. In addition, it is relatively immune to turmoil in the interbank market. Assets amount to just 75 percent of deposits, which means the bank is a net lender to wholesale banking markets rather than a borrower. "The bank generates sufficient liquidity to support our growth," explains Meddings. "Most of the banks that got into trouble got into trouble because of inadequate liquidity."
As for economic risk, Sands notes that many of the bank’s key markets are growing this year, even as most developed markets in the U.S. and Europe are contracting. "You are talking of Europe and the U.S. being in the negative zone for some time," he says. "In that context, 6 to 7 percent growth in China or India is excellent. We are confident we are in the right markets at the right time."
一些投资者分享了这种热情。“虽然我们对新兴市场的担忧放缓，但标准的”宪章“拥有世界上任何主要金融公司的最佳增长概况，”克利夫兰的忠诚资产管理有限公司董事总经理Martin Schulz说recently added the bank’s shares to its $750 million international portfolio.
其他观察者更持怀疑态度。伦敦花旗集团银行分析师Thomas Rayner认为，渣打银行更容易受到亚洲经济衰退的影响。他预测今年不完整贷款的规定增加了37％。“管理层能够努力强调标准特许地理曝光的相对效益，”他说。“但是，我相信他们对该地区和自己的业务的前景可能太乐观了。”Rayner在银行股票上有卖出的评级。
“渣打银行并非一切都是全人民银行，”香港摩根大通协同委员会的分析师Sunil Garg说。"Its overall market share is small in most markets, but it competes in niches where it is strong in each of the markets. The acquisitions have been opportunistic, and making deals in Asia hasn’t been that easy" because of a shortage of targets.
5月底，银行的股价在过去12个月内下降了32％，达到5月下旬12.48英镑（20.56美元）。相比之下，汇丰的股票在同一时期下降了35％，世界银行的MSCI指数下降了46.9％。
渣打银行(Standard Chartered)雇用了75000人,1那750 branches in more than 70 countries, but the group’s heart clearly lies in Asia. In Hong Kong, where the bank generates 16 percent of its revenues, it is one of three institutions — alongside HSBC and Bank of China — to issue Hong Kong–dollar notes on behalf of the Hong Kong Monetary Authority. Standard Chartered is the biggest foreign bank in India and one of the largest in China; in South Korea it owns Standard Chartered First Bank Korea, the country’s sixth-largest lender.
虽然银行去年在大部分亚洲产生了强劲增长，但目前在几个市场中面临僵硬的头风。在新加坡，本集团的第四大市场，税前利润在2008年增加了67％，达到7.44亿美元，但今年的重复表现不太可能。城市 - 州的经济产出萎缩了第一季度的年度率为19.7％。韩国的糟糕贷款损失和规定几乎增加了两倍，去年比每年9400万美元的2.63亿美元。
Sands acknowledges the pressure and says the bank has been moving to lower its risk profile by reducing unsecured consumer loans, obtaining better collateral from clients on other loans and keeping roughly 70 percent of its wholesale loans at short maturities of less than one year. Some 80 percent of Standard Chartered’s consumer loan book is secured, he says. The bank’s loss-given-default ratio declined to 30 percent in 2008 from 37 percent a year earlier, reflecting the efforts.
“这是一个非常积极的管理风险的方式，”塞子尖叫。“对我们的优势有关的是，在过去十年的亚洲过去，我们已经通过了一些非常动荡的时期，我们的西方同行不习惯看到这样的底部。”
The bank gets just under 10 percent of its revenues from Europe and the U.S. and has little exposure to the toxic assets that have plagued many Western banks. Standard Chartered took modest write-downs of $164 million on asset-backed securities last year. "We don’t have any material exposure to the so-called risky asset classes," says Meddings. "If we had bigger scale, we might have had some more of this toxic exposure."
Sands makes a virtue of the bank’s conservative lending practices. "Perhaps we’re a bit old-fashioned, but we want to be in markets that we know very well, where we have a long history and deep knowledge," he says. "We want to work with customers with whom we have a deep relationship, and we want to sell products that we fully understand the risk, the benefits and the operational details of how we deliver them."
去年的大部分增长来自批发银行，主要是企业贷款。2008年批发收益增长33％，达到75亿美元，占集团总数的56％;税前利润上涨28％，达到30亿美元。以消费者银行业务收入，相比之下，仅增长3％，达到59.5亿美元，占整体收入的43％;税前利润下降33％，达到11亿美元。
沙子对亚洲的战略重点是与银行的根源保持一致。在苏格兰商人和政治家，詹姆斯·威尔逊成立于1853年皇家宪章，詹姆斯威尔逊也开始了经济学家杂志，印度设施银行，澳大利亚和中国开始通过U.K.和亚洲公司之间的融资贸易，特别是借给茶，丝绸和橡胶商人。它于1858年在孟买（现称为孟买），加尔各答和上海的第一个分支机构，其次是香港和新加坡。威尔逊担任议会的成员，并作为U.K.在推出银行时向财政部的财政秘书。一个三米高的威尔逊雕像位于香港标准特许的42层塔的大厅，毗邻汇丰的47层亚洲总部。
现代银行是由1969年与南非标准银行合并的特许银行合并。新实体在20世纪70年代扩展到南美洲，只有在20世纪80年代爆发了该地区的债务危机时，才会受到不正常贷款的抨击。
在抵消Lloyds Bank的不需要的收购报价之后，Standard Chartered通过在欧洲，美国，非洲和拉丁美洲的子公司销售子公司，在亚洲销售其核心业务来销售其房屋。1987年，销售的资产是银行的标准银行集团的39％股权。该银行作为其名称的一部分，该银行将“标准”作为其名称的一部分，因为渣打银行已成为亚洲的主要品牌。
The bank’s troubles led executives to look outside the group for help in crafting a new strategy and installing state-of-the-art technology. Among the professionals they turned to was Sands, who came to know the bank in the 1990s as a McKinsey consultant.
沙子对银行家有一个有点隐性的背景，而是一个非常适合标准包裹的人。He spent his childhood in Singapore and Malaysia before moving to London with his family at the age of 11. He earned a bachelor’s degree in philosophy, politics and economics at Oxford University, then did a two-year stint as a trainee in the U.K. Foreign and Commonwealth Office before going to Harvard University for a master’s degree in public administration. McKinsey hired him out of Harvard, and Sands went on to specialize in banking and technology and to take Standard Chartered on as one of his major clients. Impressed by his work, then-CEO Mervyn Davies tapped him to become the bank’s CFO in 2002.
In that position and as CEO, Sands has played a major role in some $7 billion worth of acquisitions. Standard Chartered spent $3.3 billion for Korea First Bank in 2005. The following year it became the first foreign bank to acquire a Taiwanese lender when it paid $1.2 billion for Hsinchu International Bank. Then in February 2008, Sands snapped up American Express Bank for $860 million, a deal that strengthened Standard Chartered’s private banking and foreign exchange businesses.
一些评论家表示，这笔交易制作了缺乏规模和协同作用的业务的Mishmash。“最近的收购赛道记录并没有特别令人鼓舞，特别是在韩国，并且经常出现机会主义而不是明确的战略计划的一部分，”花旗集团的Rayner争夺。
虽然沙子捍卫了动作，并坚持他不是瘾君子。“我们的增长战略的主要驱动因素是有机而不是收购，”他说。“如果我们赚取收购，他们必须在经济上有吸引力和战略性地拟合。我们正在利用我们在市场中看到的机会。”
去年9月，渣打银行对偏航雷曼兄弟失败的亚洲资产的偏出偏出的野蛮证券失去了;日本公司为本业务支付了2.25亿美元。高管拒绝讨论这笔交易。
Much of the responsibility for growth falls on the shoulders of Jaspal Bindra, Standard Chartered’s Asia chief executive. Bindra says his strategy is to increase revenues from existing and new corporate clients by providing a wider array of services, including investment banking, while keeping costs down.
"We are still being cautious and circumspect on cost," notes Bindra, 48, who worked at Union Bank of Switzerland and Bank of America Corp. before joining Standard Chartered in 1998. Roughly 50 percent of the bank’s wholesale banking staff compensation is tied to performance, he says. "Cost growth actually slowed in the second half [of 2008], in line with the slowdown we were seeing in the environment, particularly in consumer banking. We were not behaving like a bank that had just posted a record first half with a 31 percent profit growth," he adds.
A key market for the bank is China, where it plans to expand its branch network from 54 to 60 outlets in 20 cities this year. Only HSBC, with 83 outlets in 19 Chinese cities, has a bigger network. Citigroup, by contrast, has 30 branches in nine cities.
In China the bank also has a 19.9 percent stake in China Bohai Bank, which it purchased for $123 million in 2005. Bohai Bank is headquartered in Tianjin, the country’s largest northern port and entrepôt with close links with South Korea and Japan. "We’re very happy with that investment," Bindra says. "It’s growing very well and has met all of its projections. It’s a longer-perspective play." Standard Chartered has representation on Bohai’s board but leaves the daily running of the bank to local management.
除中国外，波特拉的其他重点是他的祖国，印度，2008年税前税前汇款9.43亿美元，同比增长37％，已成为香港后银行的第二大盈利中心。2006年，渣打银行成为印度的1号外国银行。它现在拥有33个城市的90个网点，超过210万客户 - 超过26个城市和花旗银行的31个城市的汇丰47个商店。
Unlike in China, where the bank concentrates on wholesale banking and servicing commercial clients, a lot of Standard Chartered’s energy in India is focused on issuing consumer products, especially credit cards, mortgages, personal loans and wealth management. "India, like China, is showing huge growth," Bindra notes.
The bank’s largest acquisition to date is Korea First Bank. Standard Chartered beat out HSBC in a bidding battle, but some analysts question the wisdom of the deal. Standard Chartered has been working to transform the bank from a mortgage specialist into a full-service consumer and commercial bank but has had difficulty in expanding its range of services. "The price paid was high, and the rewards were not delivered," says Citigroup’s Rayner. "That’s an acquisition that’s been a disappointment."
财务总监MEDDINGS承认，它需要更长的时间，以便将韩国收购与标准包装合并。“我不同意这是一个艰难的融合来管理，”他对银行说。“我们正在扩大产品范围，重新配置分支网络。这些需要时间。”
然而,Meddings坚持认为,这个交易是starting to pay off. The South Korean bank posted a 10 percent rise in pretax profit last year, to $358 million — notwithstanding a near-tripling of impairment losses on loans and provisions for bad debts, to $263 million — thanks to a strong performance in wholesale banking.
Elsewhere, Sands is eager to bolster Standard Chartered’s capital markets capabilities in spite of the failure to win Lehman’s Asian operations. In February the bank agreed to buy the Asian business of JPMorgan Cazenove. It also acquired a securities license in South Korea last year. In 2007 it bought a 49 percent stake in India’s UTI Securities from Securities Trading Corporation of India, with an option to increase it to 100 percent by 2010.
Turning those pieces into a substantial capital markets player won’t be easy. Standard Chartered barely registers on Asian league tables. The bank ranked No. 27 as an equity book runner last year, with $455 million worth of transactions, well behind No. 1 UBS, which handled $13 billion, according to data provider Dealogic. In corporate debt it ranked No. 24 in the region, with $6 billion of deals, well behind No. 1 Mizuho Bank, which sold $61 billion worth of bonds. In mergers and acquisitions the bank ranked No. 42, with a total of $4.2 billion worth of deals closed, trailing No. 1 Bank of America–Merrill Lynch, which advised on $97 billion worth of transactions.
With the Cazenove deal, Standard Chartered managed to rise two places, to 22nd, as a corporate debt book runner so far this year.
Bank executives did look at some of the Asian operations of Royal Bank of Scotland, the British bank that is retrenching after massive losses forced the U.K. government to take a controlling stake, but decided not to bid because most of the assets were unsecured.
甚至在亚洲经纪业务的收购Cazenove, Standard Chartered was openly competing for project deals in investment banking alongside Citibank, HSBC, JPMorgan Chase and Merrill Lynch, says Sean Wallace, the bank’s Singapore-based group head of corporate finance. Dozens of deals completed in the past two years include participation in syndicated loans helping South Africa’s leading mobile services provider, MTN Group, to finance $3.85 billion of its $5.5 billion acquisition of Dubai-listed wireless provider Investcom in 2006; and aiding India steel conglomerate Tata Group in financing $2.5 billion of its $12 billion acquisition of Anglo-Dutch steel producer Corus in 2007 and its $2.3 billion acquisition of Jaguar Land Rover in 2008.
无论是如何受美国信贷危机的影响如何，毫无疑问，华莱士说，华莱士表示，亚洲和非洲同行的企业家之间的内部贸易将推动标准的特许的增长。
“亚洲企业家和企业客户在2008年3月加入施工作为亚洲人私募股权投资，达比海外投资后，亚洲企业家和企业客户有巨大的基础设施，特别是在基础设施中，特别是基础设施，特别是基础设施。“他们也需要商品。”
其他增长目标包括私人银行业务，标准包务机会希望抓住核心亚洲市场中创造的财富的更大份额。收购美国运通银行应加强渣打银行的业务，现在在管理层下拥有大约400亿美元的资产。上个月，银行表示将在未来12个月内雇用多达100个新的关系经理，这将使其私人银行团队提升至450。
其他收购集中在利基企业上。2007年，渣打银行被收购的基于Dublin的飞机租赁公司Pembroke集团，以帮助您提供许多亚洲航空客户的客户。该银行还购买了伦敦的石油和天然气咨询公司哈里森Lovegrove＆Co.，该公司是其细分市场中最大的精品咨询，帮助客户来源和获得非洲和中东的石油和天然气领域。尚未披露交易条款。
虽然沙子和他的团队正在努力编织各种亚洲业务，但银行的潜在客户占潜在经济体的健康状况。"The global slowdown will inevitably impact its core markets of Asia, the Middle East and Africa, but Standard Chartered is likely to be among the first major financial institutions to recover," says Patrick Winsbury, a senior vice president with Moody’s Investors Service based in Sydney. Moody’s gives the bank an A2 rating, with a stable outlook.
“我们总是说我们不希望亚洲解耦，亚洲将受到非常严重的错位影响，”金融首席医学说。
挑战是真实的，但沙子相信银行面临着世界上新兴的经济动力驻地的光明未来。“到处看看标准包裹，你会看到我们专注于亚洲，非洲和中东。没有计划改变这种战略。”