Private lender, Standard Chartered has announced its newly devised strategy for the next three years. The bank has not been performing well and now under the leadership of Bill winters, plans to reduce its operating cost and is also aiming for some disinvestment goals.
With this the British bank wants to give impetus to its slumping growth and as per bank it will be raising around $700 million from this newly planned restructuring plan and will invest the raised capital in profit making areas to boost its growth.
“We will achieve this through relentlessly focusing on where we have a distinct competitive advantage, attacking the residual causes of lower returns and ramping-up innovation and productivity,” Chief Executive Bill Winters said.
He further added that selling its low performing businesses like ship-leasing and private equity, with a increased emphasis on high potential Indian and south Korean market will help bank achieve its new objective.
The British lender has been facing slowdown in its growth due to US-China ongoing trade war and rising uncertainties in trade in its two biggest markets China and Britain.
Standard Chartered has been consistently performing bad since Bill Winters became the CEO in June 2014. The shares has seen a dip of around 40% since June 2015, while revenue of the stakeholders have fallen about 35%.
“We’ve transformed the bank over the last three years and we’re going to transform it again,” said winters regarding his new strategy.