StanChart boss takes aim at Europe’s banking regulators

STANDARD CHARTERED Bank is an anomaly. The Liverpool FC sponsor is headquartered in London, has the bulk of its operations in Asia and is booming compared to rivals. Profits have grown 58% to $1bn in the first half of 2011 on the back of thriving operations in Africa, the Middle East and Asia from where its CEO, Singapore-based Steve Bertamini issued a blast against regulators for cramping its style. He accused Europe’s authorities of trying to outdo each other with rules that restrict growth and put companies out of business rather than protecting jobs. Despite being born in Germany, educated in the US and having a career in western corporations, Bertamini is convinced Asia’s regulators have got the balance right. His 3-year track record at StanChart is impressive and shareholders are certainly giving him the benefit of their support. The bank’s strategy of targeting cities for expansion rather than whole countries has allowed it to expand profitably capturing high-value business. Bertamini is equally high energy in his personal life listing weightlifting, golf, skiing and tennis among his pursuits. Just don’t ask him to comment on Liverpool’s suggesting it should back a breakaway TV rights deal.