3rd Nov 2014 10:29
LONDON (Alliance News) - Standard Chartered PLC's management team Monday received the backing of the bank's second-largest shareholder, Aberdeen Asset Management PLC, whose Chief Executive Martin Gilbert called on his counterpart Peter Sands to "address the bank's current issues and deal with them now".
Gilbert's support eases the pressure on Standard Chartered CEO Sands and Chairman John Peace, who have endured a difficult year at the helm of the emerging markets focused bank, which last week reported a 16% drop in third-quarter pretax profit and cut its guidance for the second half of the year.
"We don't believe there is anything fundamentally wrong with the bank and we are looking forward to hearing details of the turnaround plans at the investor conference in Hong Kong in two weeks' time," Gilbert said in a statement.
Aberdeen has an 8.4% stake in Standard Chartered, second only to Temasek Holdings Ltd, Singapore's state investment company, which holds a 17.74% stake in the bank.
Standard Chartered was not immediately available for comment.
Standard Chartered shares were Monday quoted up 1.4% at 952.90 pence.
By Samuel Agini; [email protected]; @samuelagini
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