StanChart: EM stung | beyondbrics

StanChart: EM stung | beyondbrics: "Having a heavy exposure to emerging markets can be a mixed blessing. For proof, just ask Standard Chartered.

Just a day after HSBC reported a sharp drop in profits in many of its emerging markets, it was the UK bank’s turn on Tuesday to be stung by its exposure to emerging markets.

StanChart, which generates 90 per cent of its operating profits from emerging markets, reported a 15 per cent decline in first-half pre-tax profit to $3.33bn – largely as a result of a $1bn writedown it had to make on its South Korean business.

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'via Blog this'