Standard Chartered CEO sees turbulence continuing
The head of Standard Chartered Bank said on Friday he saw current global market turbulence continuing for several more months.
RBS profits up 9 percent"The financial markets' problems are starting to affect the real economy," Peter Sands, CEO of the London-based bank, told a news conference, adding that "many problems" still needed to be resolved in that regard.
But Sands said Standard Chartered would keep looking at further opportunities to for acquisitions.
"We will keep investing to continue rapid growth," he said.
Standard Chartered beat forecasts with a 27 percent rise in 2007 profits last week. The bank took a $300 million writedown on its exposure to risky assets for 2007, a modest total compared to losses at other major banks.
The writedown included a $116 million (58 million pound) hit on its Whistlejacket structured investment vehicle.
"We now have minimal financial exposure to Whistlejacket," Sands said on Friday.
Sands also said the company did not plan to re-list Seoul-based SC First Bank, which it acquired in 2005 for $3.3 billion.
South Korea, where Standard Chartered made its biggest ever acquisition in 2005, remained a problem area in 2007, with profits tumbling 29 percent.
The South Korean results were the one blemish in an otherwise stellar year.
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