Peter Sands named EUROPEAN BANKER OF THE YEAR 2010
Frankfurt am Main, 15 June 2011. The journalist association “The Group of 20 + 1” has named Peter Sands, Group Chief Executive of Standard Chartered plc., the “European Banker of the Year 2010”. “The Group of 20 + 1”, an association of leading international finance and business journalists based in Frankfurt, home of the European Central Bank, have issued this award every year since 1994.
The association made their decision on the basis of the following factors:
Peter Sands (born in 1962) has been the Group Chief Executive of Standard Chartered plc. since November 2006. This company has survived the financial crisis relatively unscathed (particularly when compared with the majority of British banks/investment banks) thanks to its robust capital resources and clear concentration on the market region of Asia. The clear focus set on very early expansion into the region of emerging markets undoubtedly contributed to the company’s success, and Mr Sands was a key strategic supporter of this development.
This strong development of business in Asia was also a major driving force behind the company last year. It enabled pretax profit in 2010 to be increased by 19 percent – to some 6 billion US dollars. A new record and the eighth increase in a row! The drivers for growth were once again investment banking and business with major clients. Provision for credit losses could be significantly reduced, to 883 million US dollars. In 2009, provision levels were still roughly 2 billion US dollars. A consequence of the financial crisis – particularly caused by pressures in consumer business in the Middle East – but this did not represent a long-term burden for the overall group and was relatively manageable in comparison to the peer group.
In 2010, the Indian market accounted for the largest regional contribution for the first time, with more than 1 billion dollars. The Standard Chartered Group draws roughly 90 per cent of its operative revenue and profit from Southern and Eastern Asia and Africa. The Group has over 1,600 branches in over 70 countries and more than 70,000 employees. A bank with European roots and a long-standing tradition, it began financing trade between Europe, Asia and Africa back in 1853.
In the financial crisis, the bank could not rely on any state grants. In fact, a large part of the UK’s plan for salvaging and supporting the bank system was based on ideas drawn up by Mr Sands. Mr Sands has global connections and is a member of various financial organisations. He is, for example, a member of the Board of Directors of the Institute of International Finance, IIF, and Chair of the IIF’s Special Committee on Effective Regulation. Mr Sands has recently named the increasing fragmentation in bank regulation as one of the greatest challenges currently faced.
The Group’s unbroken record development, the strategic effective positioning in the growth regions of the emerging markets and the simultaneous anchoring in the home European market – all of this bears the hallmarks of Peter Sands and justifies his title of “European Banker of the Year 2010”.
The members of “The Group of 20 + 1”:
Ralph Atkins, Financial Times
Dieter Balkhausen, business journalist
Gerald Braunberger, Frankfurter Allgemeine Zeitung
Katja Dofel, n-tv Nachrichtenfernsehen
Jörg Eigendorf, WELT Group
Dr. Marika de Feo, Corriere della Sera
Ulla Herrmann, ARD/Hessischer Rundfunk
Christiaan Hetzner, Thomson Reuters
Robert von Heusinger, DuMont Redaktionsgemeinschaft GmbH
Hans Kurt Hutter, Finanzplatz / Dow Jones
Jean-Philippe Lacour, Les Echos
Robert Landgraf, Handelsblatt GmbH
Klaus Dieter Oehler, Stuttgarter Zeitung
Ulrich Reitz, business journalist
Mark Schieritz, DIE ZEIT
Albrecht F. Schirmacher, Der Platow Brief
Reinhard Schlieker, ZDF
Andreas G. Scholz, DAF Deutsches Anleger Fernsehen AG
Patricia Szarvas, CNBC
Christoph Wehnelt, Finanzplatz-Frankfurt.EU
Dr. Nader Maleki, Maleki Group