Standard Chartered this week flew 20 of its top shareholders to Beijing for a three-day immersion into the intricacies of the bank’s operations in China and elsewhere.
The roadshow was an attempt to kick-start a share price that, despite a year of continued profit growth that leaves most rivals in the shade, has stagnated. The stock is up less than 4 per cent compared with the 20-30 per cent gains racked up by global rivals Citigroup and HSBC.
Though part of that underperformance stems from other banks’ stock rebounds after longstanding weakness, sentiment towards StanChart and its chief executive Peter Sands has been muted in recent months by homegrown factors.