Standard Chartered CFO Andy Halford said the bank was going to stick with China despite the country's economic woes.
Shares of the Asia-focused bank tanked as much as 17% in early deals, sparking a temporary halt in trade, Reuters reported. The stock was 11.7% lower by 10:15 a.m. London time.
Shares of the Asia-focused bank tanked as much as 17% in early deals, sparking a temporary halt in trade, Reuters reported. The stock was 11.7% lower by 10:15 a.m. London time. Halford noted that China's commercial real estate sector "clearly has been problematic," but said that GDP in the country is forecast to bounce back around 5% within the next two to three years.
"China remains both a blessing and a curse for Standard, with the country's faltering economic recovery weighing heavily on these results," he said.
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