Excerpts from a recent article
About $5 billion of advances Standard Chartered made to Indian borrowers have been internally classified as at risk of defaulting, in addition to the $1 billion of onshore loans that have already become non-performing in India
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While India’s broader banking industry has been afflicted by rising defaults, Standard Chartered stands out. At 8.9%, it had the second-highest bad-loan ratio among the 50 largest lenders in India as of March 31, five times that of HSBC Holdings Plc. and seven times Citigroup Inc.’s, the latest filings to the central bank based on local loan books show.
Winters now has to untangle the bad-loan mess in India even as he retains Sands’s focus on emerging markets. It may take time: 65% of Standard Chartered’s exposure in the country is to borrowers rated below investment grade, according to the bank
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