CEO Of Standard Chartered Says The Bank Is “Absolutely Not” Up For Sale

Following rumors of a takeover bid, the CEO of Standard Chartered declared that the bank was “absolutely not” for sale.

Bill Winters stated on Thursday that the company is not concentrating on a potential sale.

“On the right terms, somebody wants to come and thinks that they can so something, I would encourage engagement rather than … speculation through the press,” he said.

“But of course, we have a fiduciary responsibility to our shareholders and if somebody wants to come and thinks they can add a lot of value, as I’ve said, be my guest.”

The remarks follow First Abu Dhabi Bank’s Friday statement that it was not reviewing any bids for Standard Chartered.

“First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered,” the bank said in a statement.

The largest lender in the United Arab Emirates, FAB, declared in January that it had once considered making a bid for StanChart but was no longer considering it.

After Bloomberg News reported that FAB was “pressing ahead” with a potential takeover and was considering making an offer of between $30 million and $35 million for StanChart, Standard Chartered saw its shares increase 11% on February 9.

Winters was anxious to emphasize, however, that Standard Chartered was expanding “really nicely independently.”

“We’ve had no engagement with any prospective bidders, aren’t seeking any engagement with any prospective bidders and don’t need to,” Winters said.

His remarks were made after the bank reported a 28% increase in annual pretax profit and a new $1 billion share buyback program.

Additionally, the bank, which concentrates on Asia, Africa, and the Middle East, upgraded its projections.

Global interest rate increases increased the bank’s lending revenue, but according to Winters, that was only responsible for less than half of the company’s annual growth.

“The economic environment in which we operate feels very good, and overall that sounds like we should keep on going full speed ahead, keep our heads down, don’t get distracted by stories that come up one side or the other, and that’s what we’re doing,” he said.

(Adapted from


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