Firms left hanging as Standard Chartered delays panel decisions

Having announced its global panel in August, Standard Chartered Bank is now keeping firms worldwide on tenterhooks as they await the results of the regional panel reviews.

In a massive exercise that has now spanned months, Standard Chartered is reviewing its local panels country by country. It instructed an external consultant on the matter, and has instructed lawyers pitching for the work not to have any dealings with Standard Chartered staff during the tender process.

Firms had a 22 August deadline for submissions, with presentations in mid-September. The bank initially said it would announce results of the review at the end of September, but that deadline has since slipped.

One source said that the key appointments would be those in Hong Kong, where the bank is headquartered, China and Africa.

For its global panel, Standard Chartered retained its former advisers, which include Allen & Overy, Clifford Chance, Linklaters, Lovells and Slaughter and May.

The bank declined to comment, saying it was a matter between the banks and the firms involved.