Banks have been on a tear since interest rates started to climb and Standard Chartered is no exception. Shares in the London and Hong Kong-listed lender have risen by 80 per cent over the past year and 170 per cent since Covid struck.
Sunil Kaushal, co-head of corporate and investment banking at Standard Chartered, has seized the opportunity to take profits. At the end of February he sold 220,000 shares for £12.64 each — or a total of £2.78mn.
Other banking executives have followed suit. Last week, Chirantan Barua, chief executive of Scottish Widows and insurance, pensions and investments at Lloyds, sold 362,761 Lloyds shares for a total of £268,000.
The banking sector delivered an excellent performance last year and Standard Chartered’s results revealed good revenue momentum and cost control.
