Salem Radio Network News Wednesday, December 8, 2021

Business

StanChart has ‘negligible’ indirect exposure to Evergrande – CFO

LONDON (Reuters) – Standard Chartered has no direct exposure to indebted Chinese developer Evergrande and “negligible” indirect exposure, its Chief Financial officer Andy Halford told a banking conference on Thursday.

The Asia-focused lender has around around $6 billion of exposure to real estate in Hong Kong, and $1.25 billion in China out of a global real estate portfolio of some $19 billion, he said.

“We need to be careful that we don’t overreact, in this instance we don’t have any significant exposure, the overall sectoral exposure is very modest and we’re much, much less concerned than the initial market reaction,” he said.

(Reporting By Lawrence White, editing by Iain Withers)

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