About Us  |   Contact Us  |   Register  | Login  |   

Follow HedgeWorld on Twitter HedgeWorld on LinkedIn






HEDGEWORLD NEWS
Search the News
Advanced News Search
HedgeWorld News by Region
United States / Americas
Europe
Asia / Australia
International
HedgeWorld News Sections
Managed Futures & Derivatives
Daily News
Regulatory/Legal
Strategies/Analysis
Technology
Opinion
People
Indexes
Other News Features
Most Popular
LexisNexis Headlines
Reuters Headlines
The HedgeWorld Blog
Alternative Advantage Daily Newsletter
RSS Service
Sign Up For Email News Alerts
Reprints



Standard Chartered Qingdao area commodity-related exposure about $250 mln -CEO
06/26/2014 Email this story  |  Printable Version

LONDON, June 26 (Reuters) - Standard Chartered' s total commodity-related exposure around China's Qingdao port is about $250 million, Chief Executive Peter Sands said on Thursday.

"That is across multiple clients, multiple locations, multiple types of facilities, not all of which will be affected," Sands said on a conference call.

Qingdao port, the world's seventh busiest, has been at the centre of an investigation looking at whether a private metals trading firm issued multiple warehouse receipts so that the same metal cargo could be used multiple times to obtain financing.

"We have taken a preliminary view of the potential impact in our guidance for the outlook in the first half, and we don't see it as material at this stage," Sands said.

A spokesman said the bank was reviewing its exposure to commodity financing, but that it remained committed to the business.

"We are not pulling back from providing commodity (metals) financing nor are we pulling back from China, which is a key market for the bank," the spokesman said.

(Reporting by Steve Slater, writing by Susan Thomas; editing by Jason Neely)


Email This Story to a Friend   |   Display Printable Version of This Story

Story Copyright © 1999-2014 Reuters HedgeWorld All rights reserved.

HedgeWorld News is sponsored by:






Lipper    Privacy   User Policy  Legal Disclosure Copyright/DMCA  Site Map    FAQ    Glossary  Thomson Reuters for Hedge Funds
All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of HedgeWorld content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. HedgeWorld is a registered trademark of Thomson Reuters.