Nov. 25 (Bloomberg) -- Standard Chartered Plc’s top executive for Southeast Asia said Indonesia will be the fastest- growing market of the nine under his watch as business picks up at a bank it partly owns in the country.
“The one engine we believe will grow faster than Singapore is Indonesia,” Ray Ferguson, chief executive officer for Singapore and Southeast Asia, said at a media briefing in the city-state today. Standard Chartered holds a 44 percent stake in Indonesia’s PT Bank Permata, and that business may grow at “20 percent plus” over the next five years, he said. The U.K. bank also has its own operations in Indonesia.
Standard Chartered, which derives most of its income from Asia, continues to invest in the region, Ferguson said. Last week, the bank flew in 22 analysts to Singapore and Taiwan, partly to demonstrate that the mood among its management team was different from that at many other banks, Ferguson said.
“We continue to grow our balance sheet when the market is much tighter,” Ferguson said, referring to the fund-raising that the bank has completed. Standard Chartered sold S$750 million ($572 million) of debt three weeks ago through its Hong Kong unit, he said.
--Editors: Russell Ward, Chitra Somayaji
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