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Dispatches: Stan Chart won’t join bonus-slashing pact

Standard Chartered is not joining a possible pact among three other big British banks to cut bonuses, a spokesman told Bloomberg yesterday. The London-based lender said the deal would be unfair to its staff as 97 percent are working outside Britain, said spokesman Jon Tracey. Senior executives from Stan Chart, HSBC, Barclays and Royal Bank of Scotland last week discussed a possible agreement to cut bonuses. (The Standard)

ANZ is vowing not to abandon its ambitious strategy to be an Asia Pacific heavyweight, despite losing its main acquisition target in the region yet. The banking giant’s shares rallied yesterday after management all but ruled out a bidding war for a majority stake in Korea Exchange Bank, triggering speculation ANZ would now ramp up its push into India. (Daily Telegraph)

HSBC, Europe’s biggest bank, plans to beef up its corporate finance business in Australia, according to the lender’s local chief executive. The bank plans to grow its corporate finance business in Australia by hiring new bankers to work on its debt capital markets team and plans to expand its onshore leveraged acquisition and loan syndication operations. (The Australian)

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