StanChart targets 5-7% growth in investment bank

London

STANDARD Chartered aims to grow revenue at its investment banking unit by a compound annual growth rate of 5 to 7 per cent in the medium term, the head of that business said on Tuesday.

The Asia, Africa and Middle East-focused lender will boost income after two years of restructuring by cross-selling to more clients in those markets and benefiting from intra-regional trade initiatives, said Simon Cooper, chief executive of corporate and institutional banking at StanChart. "We'll deliver products where we have a clear competitive strength to new and existing clients with increasingly sophisticated financial services needs," he told investors at a conference.