Our Businesses, Markets Immune to Global Crisis
CEO of Standard Chartered Korea
Standard Chartered has a long history. Last year we celebrated 150 years of history in China and India. This year we are celebrating our 150th anniversaries in Hong Kong and Singapore. And we set up our first branch in Korea in 1882. Regardless of the ups and downs we have experienced along the way, we are here for the long term.
2008 was a year of extraordinary disruption in financial markets for all banks globally. However, given Standard Chartered's conservative business model, our clear strategy and our focus on the basics, we have weathered the storm relatively well. We have not been unscathed but we have continued to be open for business for customers and the Group has once again delivered record profits.
Looking at the strength of our performance over the first half of 2009, Standard Chartered would not think it is simply because we somehow escaped the turbulence, but that our markets, our businesses, were in some way immune to the crisis.
In fact, in the first half of 2009 the full force of the global economic crisis hit Asia, Africa and the Middle East. Exports and GDP fell dramatically. Unemployment and business failures surged. Despite such a storm, we continued to deliver by focusing on our clear strategies.
Our clear strategy has led us well and made us become one of the best-run banks in the world by remaining focused on the markets in Asia, Africa and the Middle East that offer growth and which we know intimately, and by focusing on building deep, long-term relationships with our clients.
We have realized that our liquidity and capital strength have proved a real competitive advantage and have continued to run our balance sheet conservatively. Central to our disciplined approach is our focus on the basics of banking: liquidity, capital, credit risk, operational risk and costs.
Above anything else it is the people of Standard Chartered, who share a set of common values and are committed to professionalism and teamwork. What makes us different is that ― as an organization ― we have a firm belief that building a sustainable business means that long-term economic profit is dependent on the sustainability of the communities.
We will continue to run ourselves as "one bank", leveraging the synergies between the businesses and geographies and focusing on organic growth. But although I am very positive about our business, the aftershocks of the crisis, the rebalancing of the world economy, and the rewriting of the rules for the banking industry are far from over.
In June we became the first foreign institution in Korea to establish a financial holding company. This will allow us to cross-sell products to our client base and enhance efficiency through sharing resources across our subsidiaries, which include Standard Chartered First Bank and Standard Chartered Securities.
I am excited about the opportunities for Standard Chartered Korea. We still have much to do, and we have big aspirations for this business.
Who Is David Edwards?
David Edwards became president and CEO of SC First Bank in October 2007, having served as a non-executive director of SC First Bank from 2005 until 2007. In addition, he is one of the most senior executives of the Standard Chartered Group and a member of the Group Management Committee.
His previous role was as Chief Operating Officer for Wholesale Banking, where he was responsible for the operational governance of wholesale banking worldwide, including strategy, finance, technology, risk and operations.
Edwards joined Standard Chartered Bank in July 1999 as Group Head of Risk Management. Prior to joining Standard Chartered, he worked for 25 years with the NatWest Group. There, he performed duties in most divisions of the bank including the retail, corporate and investment banking businesses.
He has an MBA from Manchester Business School/University of Wales. He is married and has two children. His interests include tennis, golf and travel.