StanChart provisions up on Mideast exposure

Standard Chartered's rise in loan impairments for the first half of 2009 came largely from two projects in the Middle East and derivative losses in South Korea, the UK bank's top Asia executive said.

Earlier Tuesday, Standard Chartered said loan impairment losses across the bank rose to $1.09 billion in the six months to June 30 from $465 million a year earlier.

"We've had a couple of exposures in the Middle East," and while "it's early days on both transactions", the bank has recorded an extra $500 million in nonperforming loans from them, Jaspal Bindra, Asia chief executive, said in an interview.