In November, the world’s tallest tower, Dubai’s Burj Khalifa, was lit up with the colours and logo of Standard Chartered.
As the bank’s chief executive Bill Winters and chair José Viñals looked on, messages such as “together we’re here for good” and “aligned ambitions” sparked into life.
While in Dubai, the two directors held a full board meeting and met senior figures in the region. But two months later they were blindsided when news broke that First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, wanted to buy StanChart.
“It was a complete surprise to the board,” said one person familiar with the matter.
However, it was no secret that the oil-rich Emirates was in an acquisitive mood.
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