Temasek cannot be the happy with Standard Chartered right now. The Singapore state investment company, which has been StanChart’s largest shareholder since 2006, has watched the UK bank’s share price tumble over the past five years.
At the beginning of 2011 StanChart’s shares stood at 17.26 on November 5 this year they closed at 6.27, after the bank announced yet more disappointing results and suffered a credit rating drop. Overall, its shares have fallen by 63.67%, and are less than half the bank’s share value at the time Temasek bought into it.
StanChart’s well-publicised woe is partly a consequence of what it once extolled...