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StanChart eyes USD300m investment in China

Standard Chartered is planning to further invest USD300m in China, aiming to double its onshore and offshore profit before tax in the world’s second-largest economy. The move comes as the bank recorded a 52% drop in pre-tax profit to USD147m in China last year. The bank took a USD300m writedown on the value of its investment in China's Bohai Bank and also took a USD95m ‘management overlay’ against further expected charges in the troubled real estate sector. It said it will cut some USD500m in expenses from its consumer banking division as part of the bank's broader USD1.3bn cost-cutting drive aimed at improving overall returns. The London-based bank said it plans to deliver a return on tangible equity of 10% by 2024 and promised total shareholder returns to be over USD5bn over the next three years.

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