StanChart replaces long-time advisor UBS with Bank of America
23/12/2014 17:33
LONDON, Dec 23 (Reuters) - Standard Chartered STAN.L has
replaced UBS UBSG.VX as one of its corporate advisors as it
attempts to improve its relationship with major shareholders.
The Asia-focused bank said on Tuesday it had replaced UBS as
one of its corporate brokers with Bank of America Merrill Lynch
BAC.N . JPMorgan Cazenove JPM.N will remain as the other
broker.
Reuters reported on Dec. 2 that Standard Chartered was
considering replacing UBS, which has been a long-standing
advisor to the bank. One of UBS's most senior bankers, Tim
Waddell, left the bank to join Bank of America in September, and
was close to Standard Chartered. ID:nL6N0TM2EN
Standard Chartered is battling to turn around its business
after a trio of profit warnings and a slump in its share price
this year.
Several of its biggest shareholders have told Reuters Chief
Executive Peter Sands should be replaced, probably next year,
and other investors said they were unhappy with governance.
ID:nL6N0TI3GC
Corporate brokers act as a link between a listed company and
its investors. Chiefly a British business relationship, it can
be a way into more lucrative advisory business, such as
fundraising and mergers and acquisitions.
(Reporting by Steve Slater; Editing by Greg Mahlich)
((steve.slater@thomsonreuters.com; +44)(0)(20 7542 4367;
Reuters Messaging: steve.slater.thomsonreuters.com@reuters.net
and follow me on twitter @reuterssteves))
Keywords: STANCHART BROKER/