UK: THOSE FALLING LEAVES - STANDARD CHARTERED.

UK: THOSE FALLING LEAVES - STANDARD CHARTERED. - Standard Chartered seems to have got rather carried away with ecological metaphors in its annual report to shareholders. On its cover is a close-up of a leaf, 'the patterns of veins and channels' of which

by
Last Updated: 31 Aug 2010

Standard Chartered seems to have got rather carried away with ecological metaphors in its annual report to shareholders. On its cover is a close-up of a leaf, 'the patterns of veins and channels' of which remind the bank of 'various aspects of Standard Chartered's worldwide network'. Inside is a large picture of a migratory bird, because 'migration of best practice is one of the cornerstones' of the bank's strategy. Very poetic. But, reading the results, you feel a seagull might have been more apposite, as Standard has been 'dumped on' by banking misfortunes - the latest resulting in its having to make provisions of £272 million arising from potential losses at its Bombay branch. A less pejorative choice, perhaps, would be an eagle. Legal eagles have been very active on the company's behalf.

The report reveals that Standard received $62 million for its claim against Coopers and Lybrand in relation to the 1990 bankruptcy of the Mini Scribe Corporation; and Aus $71 million following a settlement with a number of parties connected with GPI Leisure in Australia. And the eagles still fly. Standard was awarded $338 million in damages against Price Waterhouse regarding the 1987 purchase of the United Bank of Arizona by Union Bank, but this was set aside. Now that there's a new trial, Standard will be hoping not to be given the bird.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Subscribe

Get your essential reading delivered. Subscribe to Management Today