LONDON (Reuters) - Standard Chartered (L:STAN) has replaced UBS
The Asia-focused bank said on Tuesday it had replaced UBS as one of its corporate brokers with Bank of America Merrill Lynch (N:BAC). JPMorgan Cazenove (N:JPM) will remain as the other broker.
Reuters reported on Dec. 2 that Standard Chartered was considering replacing UBS, which has been a long-standing advisor to the bank. One of UBS's most senior bankers, Tim Waddell, left the bank to join Bank of America in September, and was close to Standard Chartered.
Standard Chartered is battling to turn around its business after a trio of profit warnings and a slump in its share price this year.
Several of its biggest shareholders have told Reuters Chief Executive Peter Sands should be replaced, probably next year, and other investors said they were unhappy with governance.
Corporate brokers act as a link between a listed company and its investors. Chiefly a British business relationship, it can be a way into more lucrative advisory business, such as fundraising and mergers and acquisitions.
(Reporting by Steve Slater; Editing by Greg Mahlich)