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Business News

Peter Sands brushes off 'speculative rubbish' over takeover talks


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.