October 31, 2018 / 11:27 AM / 19 days ago

StanChart pressing on with Saudi Arabia licence application - executive

FILE PHOTO: A Standard Chartered logo at its headquarters is seen through a window with raindrops, in Hong Kong, China August 4, 2016. REUTERS/Tyrone Siu/File Photo

LONDON (Reuters) - Standard Chartered (STAN.L) is pressing on with its application for a banking licence in Saudi Arabia, its chief financial officer said on Wednesday, despite global outrage over the murder of a journalist in the country’s Turkish consulate.

“We have taken account of recent events, but conversely this is about running a business for the long term and that process will continue,” CFO Andy Halford told reporters.

The bank in October last year said it was talking to regulators about applying for a licence in the kingdom.

Jamal Khashoggi, a Washington Post columnist and a critic of Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, was killed in the Saudi consulate in Istanbul on Oct. 2.

StanChart’s rival HSBC (HSBA.L) said this week it saw little long-term impact on Saudi Arabia investment from the case.

Asia, Africa and Middle East-focused StanChart warned earlier on Wednesday about the impact on its business from rising trade tensions.

Reporting by Lawrence White; Editing by Edmund Blair

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below