StanChart +1.5%; Ups Stake In Vietnam Bank
StanChart (2888.HK) +1.5% at HK$271 midday on heavier-than-usual volume vs HSI +1.2%; news it's agreed to buy 3 million shares of Vietnam's Asia Commercial Bank (ACB.VN) for about HK$290 million came out yesterday,
not affecting stock much given amount small vs market cap of HK$380 billion.
Kim Eng says StanChart already holds 8.56% stake, further increase not possible as current foreign ownership of ACB already at regulatory ceiling, though move "further strengthens StanChart's positioning as the global emerging market bank."
Stock resilient amid recent market slump, as chatter about Chinese banks' interest in stake held by Temasek won't go away despite denial.
10-day moving average at HK$273.38 may be immediate cap.
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Standard Chartered PLC is a holding company. Through its subsidiaries, the Company is engaged in the business of banking and the provision of other financial services. It has two segments: Wholesale Banking and Consumer Banking. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance. Consumer Banking serves over 14 million customers across Asia, Africa and the Middle East. The Company provides a range of products and services, such as credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals, and small and medium enterprises (SMEs). In January 2007, the Company’s subsidiary, Standard Chartered Bank, disposed of its entire stake in Standard Chartered Trustee Company Private Limited and Standard Chartered Asset Management Company Private Limited, to Swiss Finance Corporation (Mauritius) Limited.
StanChart (2888.HK) +1.5% at HK$271 midday on heavier-than-usual volume vs HSI +1.2%; news it's agreed to buy 3 million shares of Vietnam's Asia Commercial Bank (ACB.VN) for about HK$290 million came out yesterday,
not affecting stock much given amount small vs market cap of HK$380 billion.
Kim Eng says StanChart already holds 8.56% stake, further increase not possible as current foreign ownership of ACB already at regulatory ceiling, though move "further strengthens StanChart's positioning as the global emerging market bank."
Stock resilient amid recent market slump, as chatter about Chinese banks' interest in stake held by Temasek won't go away despite denial.
10-day moving average at HK$273.38 may be immediate cap.
---
Standard Chartered PLC is a holding company. Through its subsidiaries, the Company is engaged in the business of banking and the provision of other financial services. It has two segments: Wholesale Banking and Consumer Banking. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance. Consumer Banking serves over 14 million customers across Asia, Africa and the Middle East. The Company provides a range of products and services, such as credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals, and small and medium enterprises (SMEs). In January 2007, the Company’s subsidiary, Standard Chartered Bank, disposed of its entire stake in Standard Chartered Trustee Company Private Limited and Standard Chartered Asset Management Company Private Limited, to Swiss Finance Corporation (Mauritius) Limited.
