Mervyn davies, the chief executive Standard Chartered, is fond of pointing out that his bank has been in China for 150 years and is "obsessed by it". As yet, alas, the British-based bank has little to show for its fervour or its patience. One of the main goals of its "China strategy", namely to buy a significant stake in a mainland lender, has so far eluded it. And further signs of the bank's difficulties apparently came on November 15th, when Peter Wong, its chief executive for Hong Kong and China for the past four years, resigned. Most assumed that he left because he disagreed with a board decision to cut costs and staff in Hong Kong. It might, in- stead, signal that a deal is afoot. "I am very comfortable that there will be a deal-or two-in the next weeks or months," says Mr Davies.
展开▼
