Also, as a result of its recent excellent performances across all its regions, it has been judged Bank of the Year in both Asia and Africa.
In 2005, pre-tax profits grew by 24% providing a 30% return on average capital and strong growth continued in 2006. With astute acquisitions, such as last year’s $3.3bn purchase of Korea First Bank, and Union Bank in Pakistan this year along with Taiwan’s Hsinchu International, Standard Chartered has distinguished itself not only with outstanding performances in its three targeted regions but also by its prudent acquisition strategy.
Chief executive Mervyn Davies notes: “Standard Chartered’s strategic intent is to be the world’s best international bank, leading the way in Asia, Africa and the Middle East. Through strong organic growth and disciplined acquisitions, the scale of Standard Chartered has been transformed in recent years. We are proud that The Banker has recognised our progress by making us Global Bank of the Year.
“The bank has kept a clear focus on its key regions while increasing its diversity to deliver consistent performance. We have built a more balanced spread of geographies and a broader range of services in consumer and wholesale banking. An additional source of diversity for us is the range of nationalities and talents among our employees. We believe leading businesses will distinguish themselves through their international understanding and their talented workforces.
“In receiving this award, I would like to thank our employees for their hard work and our customers for allowing us to serve them. “
