Standard Chartered banker detained by China authorities:A Singaporean banker working in Shanghai as a relationship manager for Standard Chartered Bank’s private banking business has been detained in China. China has detained Wu Yidian Eden, an employee of Standard Chartered Bank, as part of an investigation into one of her clients.
Ms Wu was detained by police on 6 March, but has not been charged with any crime.A client of Ms Wu has been accused of fleeing China after stealing almost $50m (£32m) from a state-owned bank.Standard Chartered Bank confirmed that Ms Wu has been detained but said the bank was not under any investigation.
Ms Tan’s fiance spoke to the Financial Times newspaper, claiming that she was “was under investigation for harbouring a fugitive – the fugitive being the bank thief, and her harbouring was withholding information from the police that could be used to find him”.
According to various reports, Ms Wu’s client was a former executive of the Agricultural Bank of China, one of China’s biggest state-owned lenders.
Wu has worked for Standard Chartered for nine months and is an associate director in the Shanghai private banking division, he said. The banker, a naturalized Singaporean citizen, was taken into custody on March 6, two days before she and Tan were scheduled to fly to Singapore for their wedding, he added.
Standard Chartered, the U.K. lender whose pretax earnings from China doubled in 2011, is among foreign companies expanding private banking in China to tap its growing wealth. Chinese millionaires will hold $8.76 trillion of assets by 2015 as their number is set to more than double, according to a study by Julius Baer Group and CLSA Asia Pacific Markets in September.
Standard Chartered Bank Singapore
Standard Chartered PLC (LSE: STAN, SEHK: 2888, NSE: STAN, OTCBB: SCBFF) is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries. It operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) and employs around 80,000 people.
It is a universal bank and has operations in consumer, corporate and institutional banking and treasury services. Despite its British base around 90% of its profits come from Africa, Asia and the Middle East.
Standard Chartered has its primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately £33 billion as of 23 December 2011, making it the 13th-largest company on the London Stock Exchange. It has secondary listings on the Hong Kong Stock Exchange and the Indian Stock Exchanges. Its largest shareholder is the Government of Singapore-owned Temasek Holdings, which Temasek bought from the children of Khoo Teck Puat in March, 2006.
Standard Chartered are the current sponsors of Liverpool Football Club, of the English Premier League.
Standard Chartered Bank Singapore History
The name Standard Chartered comes from the two original banks from which it was founded and which merged in 1969 – The Chartered Bank of India, Australia and China, and The Standard Bank of British South Africa.
Main article: Standard Bank (historic)
The Standard Bank was a British bank founded in the Cape Province of South Africa in 1862 by another Scotsman, John Paterson. Having established a considerable number of branches, Standard was prominent in financing the development of the diamond fields of Kimberley from 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the output of the second largest gold field in the world passed through The Standard Bank on its way to London.
Standard expanded widely in Africa over the years, but from 1883 to 1962 was formally known as the Standard Bank of South Africa. In 1962 the bank changed its name to Standard Bank Limited, and the South African operations were formed into a separate subsidiary which took the parent bank’s previous name, Standard Bank of South Africa Ltd.
In 2000, Standard Chartered acquired Grindlays Bank from ANZ Bank, increasing its presence in private banking and further expanding its operations in India and Pakistan. Standard Chartered retained Grindlays’ private banking operations in London and Luxembourg and the subsidiary in Jersey, all of which it integrated into its own private bank. This now serves high net worth customers in Hong Kong, Dubai, and Johannesburg under the name Standard Chartered Grindlays Offshore Financial Services. In India, Standard Chartered integrated most of Grindlays’ operations, making Standard Chartered the largest foreign bank in the country.
In 2004, Standard Chartered Bank and Astra International (An Indonesian conglomerate, a subsidiary of Jardine Matheson Group) took over PermataBank and in 2006, both shareholders increased their joint ownership to 89.01%. With 276 branches and 549 ATMs in 55 cities throughout Indonesia, PermataBank has the second largest branch network in Standard Chartered organization.
On 15 April 2005, the bank acquired Korea First Bank, beating HSBC in the bid. Since then the bank has rebranded the branches as SC First Bank.
Standard Chartered completed the integration of its Bangkok branch and Standard Chartered Nakornthon Bank in October, renaming the new entity Standard Chartered Bank (Thailand).Standard Chartered also formed strategic alliances with Fleming Family & Partners to expand private wealth management in Asia and the Middle East, and acquired stakes in ACB Vietnam, Travelex, American Express Bank in Bangladesh and Bohai Bank in China.
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