Standard Chartered: will it stay independent?

Shares plummet after reports of 18 per cent sale.

There's a rumour circling that Standard Chartered will relinquish its status as an independent bank, after reports that 18 per cent of it is up for sale.

The Financial Times reported today that the Singapore investor Temasek could be selling its StanChart shareholding: a £6bn slice. There are no decisions yet, but the report send StanChart shares 2 per cent lower.   

According to financial website thisismoney.com, the report has also brought up talk of a StanChart takeover:

The news has reignited takeover speculation, as it emerged that Santander and US investment bank JP Morgan have expressed interest in the stake.

The FT's John Gapper was sceptical about any major transformation just yet however:

No doubt Standard Chartered will cease to exist as an independent bank one day, but I have heard speculation about it for 20 years, and it never quite seems to happen. It is like talk of the dollar losing its status as a reserve currency.

The recent dust-up with the New York State banking regulator over dealings with Iran, leading to it paying a $340m fine, was not enough to make it truly vulnerable. Maybe something will occur this time, but – famous last words – I am a sceptic.

Standard Chartered. Photograph: Getty Images
Photo: Getty
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Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?

The political and policy-based implications of the new Secretary of State for International Trade.

Only Nixon, it is said, could have gone to China. Only a politician with the impeccable Commie-bashing credentials of the 37th President had the political capital necessary to strike a deal with the People’s Republic of China.

Theresa May’s great hope is that only Liam Fox, the newly-installed Secretary of State for International Trade, has the Euro-bashing credentials to break the news to the Brexiteers that a deal between a post-Leave United Kingdom and China might be somewhat harder to negotiate than Vote Leave suggested.

The biggest item on the agenda: striking a deal that allows Britain to stay in the single market. Elsewhere, Fox should use his political capital with the Conservative right to wait longer to sign deals than a Remainer would have to, to avoid the United Kingdom being caught in a series of bad deals. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.