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StanChart sees Asia, Middle East as bright spots

Standard Chartered has been beefing up its transactions banking and financial market businesses in Asia and the Middle East amid spiralling inflation. Simon Cooper, chief executive officer of corporate, commercial, and institutional banking business of the London-headquartered lender, said they don’t see recession as a big risk in these regions saying that economies are doing well. StanChart, which operates in 59 countries with a focus on Asia, the Middle East, and Africa, is seeing its European and US clients move more business to low-cost Asia. Cooper said that in the aftermath of Covid, they’ve seen the shift to Southeast Asia and neighbouring countries from a manufacturing perspective. StanChart reported a 40% rise in pre-tax profit in Q3 and raised its income growth forecast for the year.

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