News

Standard Chartered commits $1bn to companies fighting Covid-19

CoronavirusStandard Chartered has set its sights on tackling Covid-19 in the form of US$1 billion in financing for companies that provide goods and services to help fight the pandemic. The financing also includes companies that are switching their production to make products that are high in demand for the effort. “Companies in scope include all those associated with helping to tackle Covid-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output –  goods in scope include ventilators, face masks, protective equipment, sanitisers and other consumables,” the bank said in a statement on March 30, 2020. Simon Cooper, chief executive of corporate, commercial and institutional banking at Standard Chartered said: “Clearly there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can help them get up and running more quickly. At the same time, we want to make sure that existing manufacturers and service providers get the support they need.” The bank said it will provide “at least” US$1 billion in financing at “preferential rates”. This includes loans, import/export finance or the working capital facilities they use on for daily operations to help them tool up and assist existing manufacturers in getting their products to market. Standard Chartered said it is also trying to identify companies who are considering changing to or adding anti-virus products to their production line, but have not yet said that they will do so at present. © 2020 funds global asia

Sponsored Profiles

Sponsored feature: Asset allocators – How do you track your decisions?

Apr 06, 2020

Mark Barry, Head of Asset Allocation at Milestone Group, explores how a simple question can highlight opportunities to automate and streamline your asset allocation investment process.

Sponsored feature: How is DLT changing the global securities services landscape?

Oct 17, 2019

By Jeslyn Tan, global head of product management, securities services, at Deutsche Bank

Sponsored feature: A new base for fund distribution

Oct 16, 2019

To get the most value out of the digitisation of investment fund distribution, a blockchain-based infrastructure is fundamental. By Olivier Portenseigne, Managing Director and Chief Commercial Officer, Fundsquare.

Sponsored profile: Bridging the gap

Mar 11, 2019

Private equity is a core part of the business for Caceis’ Hong Kong office, which looks after clients in China and Europe. David Li, chief executive officer, explains why private equity enjoys strong client demand and how it is being used to fund China’s international infrastructure ambitions.

Executive Interviews

Executive interview: Understanding geographies

Apr 06, 2020

Margaret Harwood-Jones, co-head financing and securities services at Standard Chartered, shares her insights on platform standardisation, opportunities in Asia and regulatory change to encourage...

Executive interview: ‘Bull markets don’t die of old age’

Dec 12, 2019

Having a balanced portfolio in the midst of the longest expansion in history is an investment imperative, Chris Alderson, co-head of global equity and head of international equity at T Rowe Price...

Roundtables

Hong Kong roundtable: A ‘fragile Goldilocks situation’

Apr 06, 2020

With the global economy at a crossroads, our panel of experts share their thoughts on the market conditions, geopolitical volatility and growth opportunities. Chaired by Romil Patel in Hong Kong.

Singapore roundtable: A horizon to hold long-term assets

Dec 12, 2019

Panellists discuss the geopolitical fractures concerning asset owners, Singapore as a hub for fintech start-ups and why it makes sense to raise capital from a Variable Capital Company (VCC). Chaired by Romil Patel in Singapore.