21st Jan 2019 11:13
LONDON (Alliance News) - The Financial Times reported Monday that Standard Chartered PLC investor Temasek Holdings Ltd has "grown frustrated" with the "slow pace" of the emerging markets lender's turnaround.
Temasek, a Singapore state-run investment company, holds about a 15.65% stake in Standard Chartered, according to Morningstar, making it the bank's largest shareholder.
The FT said the investment firm is "stepping up pressure" on Standard Chartered at an apparent lack of progress in Chief Executive Bill Winters' planned overhaul of the bank.
Standard Chartered is scheduled to update investors in February on the progress it has been making but Temasek, according to the FT, has asked for "more frequent and detailed briefings" and "even floated the prospect of taking a board seat in a meeting last year".
The paper said the sovereign wealth fund "still supports" Winters and is "not actively demanding" a board seat but that could change if revenue and profitability do not improve.
The Asian-focused lender's share price has dropped from GBP15.24 when Temasek first invested in 2006 to about GBP6 today.
https://www.ft.com/content/153c1cfc-1b3a-11e9-b93e-f4351a53f1c3
Shares in Standard Chartered were up 0.4% Monday at 626.00 pence each.
Related Shares:
Standard Chartered