In particular, last year’s acquisitions grew the bank’s presence in north-east Asia, Pakistan and Indonesia while organic growth brought fantastic results in China and India. Successful expansion in the region has also to be attributed to the successful management of its service-hubs in Chennai, India and Kuala Lumpur, Malaysia.
“Standard Chartered’s roots are in Asia and we are delighted to have won Asia-Pacific Bank of the Year as the region helps to power the world economy,” says group chief executive Mervyn Davies.
“Asia’s fast-growing economies present huge opportunities and we have strengthened our position in key markets through acquisitions in the past year.
We bought Hsinchu International Bank in Taiwan in 2006 to tap into growing north-east Asian trade flows. The transaction followed our acquisition of SC First Bank in Korea in 2005, and we are now one of the biggest international banks in north-east Asia. We also acquired Union Bank in Pakistan and increased our stake in PT Bank Permata in Indonesia.
“We achieved strong organic growth in Asia’s emerging powerhouses of China and India, and we are excited by opportunities in economies such as Malaysia and Thailand as trade increases within Asia and between Asia and our other markets. It is an exciting time to be a leading bank in Asia.”
