Falklands : Standard Chartered Bank Welcomes Government Announcement
Submitted by Falkland Islands News Network (Juanita Brock) 09.10.2008 (Article Archived on 23.10.2008)
Though in good shape, Standard Chartered has been invited to be a participant in the scheme along with all other UK banks.
STANDARD CHARTERED BANK WELCOMES GOVERNMENT ANNOUNCEMENT
By J. Brock (FINN)
Standard Chartered Bank has welcomed HMG’s historic bank rescue and is very supportive of decisive action to stabilise the UK banking system as a whole. A Bank press release said “It is a cogent response by the UK government on multiple levels.” Standard Chartered is well capitalised and is highly liquid, and will participate in the scheme to the extent that it is in the commercial interests of our shareholders.
Though in good shape, Standard Chartered has been invited to be a participant in the scheme along with all other UK banks. The press release went on to say that Standard Chartered does not intend issuing capital under the recapitalisation scheme.
When contacted for local reaction, Standard Chartered Bank (Falklands) Manager, Rino Donosepoetro said “This is clearly a big event for the UK banking industry and, being part of the system, Standard Chartered is very supportive of this decision. Having said that, this is more of a non-issue for us. We do not need the capital; Standard Chartered is strongly capitalised and very liquid as a bank. Furthermore, we do not intend issuing capital under the recapitalisation scheme.”
For more information, please visit: www.standardchartered.com
The entire press release can be viewed at:
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1983726&source=RNS
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