Standard Chartered PLC Presentation of Financial Information (5105U)
April 06 2021 - 5:45AM
UK Regulatory
TIDMSTAN
RNS Number : 5105U
Standard Chartered PLC
06 April 2021
STANDARD CHARTERED PLC
PRESENTATION OF FINANCIAL INFORMATION
As announced on 10 September 2020, Standard Chartered PLC (the
Group) updated its organisation structure effective on 1 January
2021 as part of the ongoing execution of its refreshed strategy.
The Group is also aligning the external reporting of some of its
products with how they are managed under the new organisation
structure. To aid comparisons with prior periods at its results for
the first quarter of 2021 to be published on 29 April 2021, the
Group has today made available on its website ( Investors )
financial information reflecting the new organisation structure and
product classification for the past eight quarters:
-- Private Banking and Retail Banking: The two client segments
that serve individual and business banking clients have been
combined to form a single Consumer, Private & Business Banking
segment
-- Corporate & Institutional Banking and Commercial Banking:
The two client segments that serve larger companies and
institutions have been combined to form a single Corporate,
Commercial & Institutional Banking segment
-- Greater China & North Asia and ASEAN & South Asia:
These two regions have been combined to form a single Asia
region
For reporting purposes, the combination of segments and regions
requires a simple addition of the respective financial results. Any
further changes in the second quarter of 2021 resulting from the
final allocation of smaller business clients between segments will
be noted at the Group's half-year results but are not expected to
be material.
The Group's Financial Markets business that serves the
Corporate, Commercial & Institutional Banking segment has been
expanded and reorganised, and going forward its income will be
reported on the following basis:
-- Macro Trading: Many of the Group's clients require seamless
coverage in relation to financial instruments that are sensitive to
macroeconomic indicators. Integrating the management of Rates, FX
and Commodities helps to satisfy this demand in the most efficient
manner possible, and the external reporting will align to this
view
-- Credit Markets: The Group has integrated the majority of its
Corporate Finance business within Financial Markets. This will
enable it to provide a tailored solution to clients seeking to
originate financing combined with the insight and liquidity of the
secondary market-making business. This will be broken down for
reporting purposes into:
o Credit Trading: Provides liquidity to clients in the secondary
markets. Reporting income from this activity separately will allow
investors to combine it with Macro Trading income, which is often
reported in aggregate as 'FICC' by other market participants
o Financing Solutions and Issuance: Provides tailored financing
solutions that includes project and export finance, event-driven
financing, leveraged finance, bond and loan syndication and bespoke
financing
-- Structured Finance: Provides financing and leasing services to the transportation sector
-- Financing and Security Services: Provides custody, prime
brokerage, clearing and money markets services, and includes income
deriving from credit and funding valuation adjustments
-- Debit valuation adjustment (DVA): Adjustments to the fair
value of derivative contracts that reflect the possibility that the
Group may default and not pay the full market value of
contracts
The remaining elements of the Group's Corporate Finance business
- primarily M&A Advisory - have been transferred into Lending
and Portfolio Management, integrating merger and acquisition
capabilities across the broader coverage organisation.
The re-presentation summarised above has not resulted in any
changes to the reported income or balances in total at a Group
level.
For further information, please contact:
Gregg Powell, Head of Investor Relations: +852 2820 3282
Adnan Akhtar, Head of Sell-Side Investor Relations: +44 (0) 20 7885 7255
Julie Gibson, Head of Media Relations: +44 (0) 20 7885 2434
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END
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