Stanchart eyes $3bn Singapore revenue
Singapore, November 26, 2011
Standard Chartered wants to almost double its Singapore revenue to $3 billion over the next three years as it remains bullish on the Asian growth story, its Singapore chief said in remarks published on Saturday.
The bank sees itself growing across its consumer and wholesale banking segments in Singapore after revenue for the business hit $1 billion in the first six months of the year, The Straits Times quoted Ray Ferguson, its Singapore and Southeast Asia chief executive as saying.
Singapore, where many of its global heads are based, is a major hub for Standard Chartered. Singapore revenue hit $1.7 billion last year for the bank.
Singapore is also the headquarters for its global private bank and houses Asia's biggest trading floor that accomodates 790 people. Hong Kong and India are other big contributors to Standard Chartered's income.
Earlier this month, Standard Chartered Plc said its income should grow by at least 10 percent this year to put it on track for a ninth straight year of record earnings, although problems in India saw growth slow in the latest quarter.-Reuters