By Peter Egwuatu

STANDARD Chartered PLC (the Group) has announced its strategic priorities aimed at boosting the return on tangible equity and build on the significant progress it has made over the last three years.

The refreshed priorities and related actions are expected to deliver a Return on Tangible Equity (RoTE) of at least 10 percent by 2021 and generate significant surplus capital that is intended to be distributed to shareholders if not deployed to fund additional growth.

The bank in a statement made available to Vanguard stated that the refreshed priorities focused on investing to accelerate growth in the Group’s differentiated network and affluent client businesses, optimizing performance in lower-returning markets, driving productivity, and building on existing digital credentials to innovate.

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“These actions will position Standard Chartered as the leading bank for clients based on doing business in Asia, Africa and the Middle East” the statement noted.

Speaking on this development, Bill Winters, Group Chief Executive of Standard Chartered Plc, said:  “Over the last three years we have fundamentally overhauled the bank. It is now a solid platform from  which we can grow profitably and sustainably to deliver a double-digit return on tangible equity by 2021. We will achieve this through relentlessly focusing on where we have a distinct competitive advantage, attacking the residual causes of lower returns and ramping-up innovation and productivity.

We view the profound technology-driven changes in banking as an opportunity; we are big enough to be relevant to our most complex clients and partners, yet nimble enough to be a profitable disrupter.”