Peter Sands brushes off 'speculative rubbish' over takeover talks


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The Independent Online

Peter Sands, embattled chief executive of Standard Chartered Bank, has dismissed speculation over takeover talks as “rubbish”, insisting the emerging markets-focused lender’s prospects were strong.

Standard Chartered’s number for last year are set to miss the bank’s 10 per cent-a-year growth targets for the first time in more than decade. This month, finance director Richard Meddings surprisingly quit.

Speaking in Davos, Sands said: "It’s speculative rubbish. The bank is in very good shape, we have great opportunities in our markets"

Shares in the bank hit a 17-month low two weeks ago prompting speculation that rivals ranging from JPMorgan to Barclays could bid. Today the shares gained 10p to 1366.5p valuing it at £33.1 billion.

Sands also played down talk he wants to be replace Sir John Peace as chairman. “I’ve made very clear I have no interest in becoming chairman,” he told Reuters Insider Television.