Standard Chartered Bank has announced that it is very supportive of the UK government’s decision to restore liquidity and inject capital into its banking system.
The injection of capital is as a result of the current global financial crises and the bank has no requirement to utilize the capital line available under the facility.
According to a press release “the Bank which operates in Africa, Asia and the Middle East, has no direct exposure to the US sub-prime market and continues to support its customers in what are challenging times for global markets”.
It also noted that Standard Chartered operates in over 70 markets globally and has been historically part of the local financial fabric in the markets in which it operates. The Bank continues to be well capitalized and highly liquid.
The Standard Chartered Group posted a record H1 2008 performance – with income and profit growth in excess of 30%.