Word: crediteers
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...Credit Where It's Due I have been a subscriber for almost 40 years and rarely have I been as disappointed with the magazine as I was with your paltry single page devoted to the Indian elections [June 1]. And it was a page that belittled India's achievement in holding the world's largest ever election, with minimal disruption and violence, and no controversies (à la hanging or pregnant chads). This election is a beacon of hope in a region that only seems to produce bad news from Nepal to Sri Lanka, Afghanistan to Burma. No wonder India...
...more cautious as the U.S. housing bubble began unraveling in 2007. Some risky borrowers - such as low-margin Asian exporters, which have been hit hard by the collapse of U.S. consumer spending - were asked to cough up more collateral when renegotiating loans, while other marginal customers were denied further credit. To strengthen the bank's financial position even more, Sands raised $2.7 billion in capital through a December share sale, raising the bank's key "tier one" capital ratio to 10.1%. (An 8% ratio is considered healthy.) Jaspal Singh Bindra, StanChart's Hong Kong - based CEO for Asia, says that...
...performance this year. Brokerage CLSA predicts pretax profit growth will slow to 4% in 2009. Reflecting the heightened risk, Standard & Poor's in late April revised its outlook for the bank to negative. "The biggest single worry is the economies in the region," says Nick Hill, bank credit analyst at Standard & Poor's in London. "We think they've taken measures to pull in their horns, but it is a bit of a stretch to say they're immune from the environment." StanChart executives insist that their carefully managed loan portfolio can withstand the recession better than some expect. Though...
...crisis-created opportunities. As competitors retrench to repair tattered balance sheets, the bank is expanding its market share in key areas such as trade finance. It has boosted lending to small enterprises in Asia at no risk by participating in loan-guarantee programs implemented by governments to free up credit markets. Sands has also continued making strategic acquisitions, including the purchases of Cazenove Asia, a regional stock brokerage, and a 75% stake in another broker in India. Just as important, Sands has been beefing up the management ranks by hiring experienced bankers from troubled competitors. Since August 2007, StanChart...
...seen substantial progress in that area. Now we're still going to put in place these facilities for legacy assets because we think they are good insurance against the risk of a future downturn, and we think they provide some broad help to this process of thawing receding credit markets. If the world gets progressively better, you may see less demand for those facilities...