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StanChart has ‘negligible’ indirect exposure to Evergrande

by Mike Robinson

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© Reuters. FILE PHOTO – People walk past the Standard Chartered Hong Kong branch on August 1, 2017, in China. REUTERS/Bobby Yip/File Photo

LONDON (Reuters) – Standard Chartered (OTC:) has no direct exposure to indebted Chinese developer Evergrande and “negligible” indirect exposure, its Chief Financial officer Andy Halford told a banking conference on Thursday.

According to him, the Asia-focused lender is exposed to $6 billion in Hong Kong and $1.25 million in China, out of an estimated $19 billion worldwide real estate portfolio.

He stated that while we need to avoid overreacting, this particular instance doesn’t show any substantial exposure. However, our overall sectoral exposure was very low and we were much more concerned about the market’s initial reaction.

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