Skip to content Skip to Search
Skip navigation

Standard Chartered not expecting further FAB approach

Standard Chartered CEO Bill Winters 'has no reason to believe' FAB will make a bid to buy the British bank SCMP via Reuters Connect
Standard Chartered CEO Bill Winters 'has no reason to believe' FAB will make a bid to buy the British bank
  • First Abu Dhabi Bank considered buyout of British counterpart
  • StanChart agreed to sell Jordan business in March
  • Pre-tax profits for H1 were $3.32 billion

The boss of British bank Standard Chartered does not anticipate a further acquisition approach from First Abu Dhabi Bank as a six-month cooling off period required by UK takeover rules comes to an end.

The London-listed bank has been the subject of speculation this year around a possible sale to FAB, the UAE’s biggest lender.

FAB had intimated in January that it had considered a bid for Standard Chartered, although it added at the time that the plans had subsequently been shelved.

“We have no reason to think that they’ll (FAB) come back to us,” Standard Chartered CEO Bill Winters was quoted as saying by Reuters.

Under UK and Hong Kong takeover rules, FAB is not permitted to submit an offer for Standard Chartered within six months of the previous bid’s termination without the consent of the British bank’s board, or in the absence of a rival takeover.

That period is due to expire in August.

“They can’t speak to us and they haven’t spoken to us,” Winters said.

FAB has been contacted for comment.

Higher interest rates, a slowdown in non-oil activity and uncertain global economic conditions have led to a more conservative forecast for UAE banking industry loan growth.

Predictions are growth will slow to 3 percent this year, S&P Global said, down from nearly 6 percent in 2022. 

This has spurred FAB and Dubai lender Emirates NBD to consider foreign acquisitions, analysts previously told AGBI.

Standard Chartered in March agreed to sell its business in Jordan to Arab Jordan Investment Bank.

AviLease, a jet lessor owned by Saudi Arabia’s Public Investment Fund, is competing to buy Standard Chartered’s aviation finance business, Bloomberg reported earlier this year, in a deal that could be valued at $3.7 billion.

The British bank’s pre-tax profits for the first half of this year increased 20 percent to $3.32 billion, surpassing the $3.18 billion estimate from analysts.

“We are mindful of the external macroeconomic headwinds and recent challenges in the banking sector,” Winters said in a statement.

“However, our balance sheet is robust and we have the right strategy, business model and ambition to deliver our targets.”

Latest articles

The new East Africa cloud service will give customers access to secure, high-speed cloud and AI services across the region

G42 and Microsoft to invest $1bn in Kenya data centre

Abu Dhabi-based artificial intelligence (AI) company G42 has partnered with US tech giant Microsoft to invest $1 billion in a green data centre in Kenya. The data centre, which will be built by G42 and its partners, will provide access to Azure – a computing platform developed by Microsoft – through a new East Africa cloud region. […]

Turkish Airlines flew 18.5 million passengers from January to March 2024, up 8.4 percent annually

Turkish Airlines revenue rises 10% to nearly $5bn

Revenue at Turkey’s national carrier Turkish Airlines rose 10 percent year on year in the first quarter of 2024 to $4.8 billion, driven by growing passenger numbers. Turkish Airlines flew 18.5 million passengers from January to March, up 8.4 percent annually, it said in its latest investor presentation. Passenger revenue climbed 5 percent year on year […]

The Adnoc Drilling head office. Adnoc will not be able to sell any more of its stake for at least six months

Adnoc Drilling successfully floats further stake

Abu Dhabi state oil company Adnoc has successfully placed a further 5.5 percent of listed subsidiary Adnoc Drilling, increasing the company’s free float to 16.5 percent. The sale of an additional 880 million shares through a book-building process will boost trading of Adnoc Drilling’s stock on Abu Dhabi’s bourse. Adnoc restricted the share sale to […]

John Kirby, the White House national security communications adviser, said Saudi Arabia and the US were 'closer than we’ve ever been' to a deal

Saudi Arabia ‘close’ to US defence pact and arms deal

Saudi Arabia could be close to a security pact with the United States that would enable the kingdom to buy arms, potentially including the sought-after F-35 fighter jet, and obtain some form of US defence guarantee, White House officials said this week.  John Kirby, the president’s national security spokesperson, said on May 20 that the […]