REG - Standard Chrtrd PLC - Transaction in Own Shares

By Joe Wallace, Margot Patrick and Ben Dummett

Brendan Nelson brings decades of experience to his new role as HSBC chairman, including as a top auditor to banks that later ran into trouble during the financial crisis.

The bank named the former KPMG executive as its new chair on Wednesday, after a yearlong search for outsiders failed to find a suitable candidate.

The appointment is widely seen as a stopgap because of Nelson's advanced age of 76 and his lack of experience in Asia, where the London-based bank makes a lot of its revenue.

The role, which Nelson had held on interim basis since October, is one of the most demanding in world finance, requiring extensive travel and diplomatic elan to bridge geopolitical divides between the east and west.

The Scot is best known in Britain for running KPMG's global financial services practice during the City of London's go-go years before the financial crisis, after which British lawmakers and others criticized auditors for signing off on failed lenders' financials.

Some of the U.K.'s biggest banks needed government bailouts in 2008 and 2009, and KPMG was caught up in the firestorm of blame. One KPMG client, HBOS, collapsed seven months after an unqualified audit.

Nelson audited HSBC, which didn't need state help but was criticized by some investors for being too slow to register losses from subprime loans, which swelled to more than $50 billion.

"I think the auditors have actually discharged their responsibilities diligently," Nelson told a parliamentary committee in 2009, when lawmakers were examining whether KPMG and its rivals had failed to pose tough questions to banks that were their clients. Nobody saw any clouds on the horizon until late 2007, Nelson said.

As HSBC chair, Nelson takes the reins of a bank whose challenges are less financial than geopolitical. As a financial bridge between east and west, the lender is more exposed than most to conflict, sanctions and the ups and downs of the West's relationship with China.

Nelson's post-financial crisis experience as a boardroom firefighter might serve him well. The Glaswegian was a director of Royal Bank of Scotland in the wake of a government bailout, and of BP as the oil major sought to recover from its Deepwater Horizon disaster.

In winning the job at HSBC, Nelson beat out former U.K. finance chief George Osborne and Goldman Sachs partner Kevin Sneader, said people familiar with the search. Both candidates made final pitches to the bank's board on Monday but lack experience at major public companies.

Nelson was also already in the building, having joined HSBC's board in 2023 before becoming interim chair this fall when his predecessor left the post early. That means he will already be familiar with HSBC's efforts to simplify its sprawling operations and sharpen its edge in the U.K. and Hong Kong.

As a Brit who has long mingled in London's establishment, he could help HSBC's French-Lebanese chief executive, Georges Elhedery, navigate the U.K.'s clubby financial and political scene.

Nelson also has experience dealing with U.S. authorities from his time at RBS, which during his tenure negotiated a $4.9 billion settlement with the Justice Department over the sale of toxic mortgage-backed securities. A person who worked closely with Nelson at the time said executives turned to him for advice during a turbulent period when the board held dozens of emergency meetings a year.

However, Nelson is less au fait with Asian finance and politics than his predecessor, Mark Tucker, a veteran of Hong Kong's insurance industry. That could be a hindrance for a company where the chair is expected to be as comfortable in Beijing as in Washington, D.C., and London.

Nelson probably wasn't first choice or he would have been appointed sooner, said Shore Capital analyst Gary Greenwood.

Nelson is expected by London financiers to hold the post only for a few years.

HSBC said he is the permanent pick having shown excellent leadership this fall. Under U.K. governance guidelines, his term on the board would typically run until 2032, when he will turn 83.

As recently as Tuesday, he was seen as a stopgap. Elhedery told a banking conference that Nelson had ruled out a full term of six to nine years given the stage of his career.

Less than a day later, HSBC had appointed Nelson to the role.

Within hours, attention in London had pivoted to his potential successor. One early favorite: Bill Winters, chief executive of Standard Chartered, another London-based bank with a big business in Asia.

HSBC approached Winters earlier in its search, and he declined, people familiar with the matter said. But Winters, a former JPMorgan Chase executive who was once in the frame to succeed Jamie Dimon, has run StanChart for a decade and indicated he's likely to serve about one more year.

Underlining HSBC's difficulty, though, a StanChart spokesman said Winters is "wholly focused on his role" and that "any suggestion otherwise is unfounded speculation."

Write to Joe Wallace at joe.wallace@wsj.com, Margot Patrick at margot.patrick@wsj.com and Ben Dummett at ben.dummett@wsj.com

• STANDARD CHARTERED PLC

  04 December 2025

  Transaction in own shares

  Standard Chartered PLC ("SC") announces that on 03 December 2025 it purchased the following number of its ordinary shares of US$0.50 each from Goldman Sachs International, pursuant to the share buy-back programme previously detailed in the announcement of 31 July 2025 (the "Buy-back").

  Aggregated information on the ordinary shares purchased on 03 December 2025 pursuant to the Buy-back:

• Date of purchase:	03 December 2025
  Aggregate number of shares purchased:	565,740
  Lowest price paid per share (GB Pence):	1,665.50 pence
  Highest price paid per share (GB Pence):	1,698.50 pence
  Volume weighted average price paid per share (GB Pence):	1,683.29 pence

• Aggregated information on the ordinary shares purchased on 03 December 2025 pursuant to the Buy-back according to each trading venue:

  Venue	Volume weighted average price paid per share (GB pence)	Aggregate number of shares purchased	Lowest price paid per share (GB pence)	Highest price paid per share (GB pence)
  London Stock Exchange	1,683.02	396,018	1,665.50	1,698.50
  CBOE BXE	1,684.43	56,574	1,665.50	1,698.50
  CBOE CXE	1,683.65	113,148	1,665.50	1,698.50

• As at close of business London time on the trading day preceding the date of this announcement, SC had applied an aggregate of US$843,286,933.52 to share purchases pursuant to the Buy-back.

  SC intends to cancel the purchased shares. Following the cancellation of the purchased shares, SC will have 2,272,313,751 ordinary shares in issue. Therefore, the total number of voting rights in SC will be 2,272,313,751.

  Any such share purchases will be effected in accordance with certain pre-set parameters and limits, and in accordance with applicable law and regulation as described in more detail in SC's announcement of 31 July 2025.

  In accordance with Article 5(1)(b) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), a full breakdown of the individual trades is attached to this announcement.

  http://www.rns-pdf.londonstockexchange.com/rns/2445K_1-2025-12-4.pdf

  This announcement will also be available on SC's website at: https://www.sc.com/en/investors/stock-exchange-announcements/

  Enquiries to:

  Manus Costello, Head of Investor Relations:       +44 (0) 20 7885 5934

  Shaun Gamble, Director, Group Media Relations:         +44 (0) 20 7885 5934

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.  END  POSFIFESFELSIIE

Strong earnings and strategic progress were highlighted, with robust growth in wealth and CIB segments. Investments in RMs and technology are driving market share gains, while compliance and risk management remain priorities. Supply chain shifts and digital innovation are creating new opportunities, and deposit growth outpaces peers despite ongoing tax challenges.

Based on Standard Chartered PLC [STAN] Rothschild & Co Redburn CEO Conference Audio Transcript — Dec. 3 2025

Strong strategic progress and earnings growth were highlighted, with wealth management and CIB benefiting from market trends and investments in technology and talent. Risks are well managed, and digital assets present both challenges and opportunities for future growth.

Based on Standard Chartered PLC [STAN] Rothschild & Co Redburn CEO Conference Audio Transcript — Dec. 3 2025

• STANDARD CHARTERED PLC

  03 December 2025

  Transaction in own shares

  Standard Chartered PLC ("SC") announces that on 02 December 2025 it purchased the following number of its ordinary shares of US$0.50 each from Goldman Sachs International, pursuant to the share buy-back programme previously detailed in the announcement of 31 July 2025 (the "Buy-back").

  Aggregated information on the ordinary shares purchased on 02 December 2025 pursuant to the Buy-back:

• Date of purchase:	02 December 2025
  Aggregate number of shares purchased:	570,655
  Lowest price paid per share (GB Pence):	1,689.50 pence
  Highest price paid per share (GB Pence):	1,709.50 pence
  Volume weighted average price paid per share (GB Pence):	1,699.71 pence

• Aggregated information on the ordinary shares purchased on 02 December 2025 pursuant to the Buy-back according to each trading venue:

  Venue	Volume weighted average price paid per share (GB pence)	Aggregate number of shares purchased	Lowest price paid per share (GB pence)	Highest price paid per share (GB pence)
  London Stock Exchange	1,699.89	399,459	1,689.50	1,709.50
  CBOE BXE	1,699.14	57,065	1,689.50	1,709.00
  CBOE CXE	1,699.37	114,131	1,690.00	1,709.50

• As at close of business London time on the trading day preceding the date of this announcement, SC had applied an aggregate of US$830,492,334.83 to share purchases pursuant to the Buy-back.

  SC intends to cancel the purchased shares. Following the cancellation of the purchased shares, SC will have 2,272,879,491 ordinary shares in issue. Therefore, the total number of voting rights in SC will be 2,272,879,491.

  Any such share purchases will be effected in accordance with certain pre-set parameters and limits, and in accordance with applicable law and regulation as described in more detail in SC's announcement of 31 July 2025.

  In accordance with Article 5(1)(b) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), a full breakdown of the individual trades is attached to this announcement.

  http://www.rns-pdf.londonstockexchange.com/rns/0433K_1-2025-12-3.pdf

  This announcement will also be available on SC's website at: https://www.sc.com/en/investors/stock-exchange-announcements/

  Enquiries to:

  Manus Costello, Head of Investor Relations:       +44 (0) 20 7885 5934

  Shaun Gamble, Director, Group Media Relations:         +44 (0) 20 7885 5934

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.  END  POSFIFSSFSLVIIE

European banks have strong fundamentals and are set to continue outperforming, J.P.Morgan says in a research note. "We enter 2026 with a continued and reconfirmed positive view on European banks operating in a 'perfect' environment," analysts write. They attribute this to strong profit growth and a solid macroeconomic outlook with stable rates, inflation and unemployment. The broker still prefers European banks over their U.S. counterparts. JPM's top portfolio picks continue to include Barclays, NatWest, Deutsche Bank and Societe Generale, to which CaixaBank, Standard Chartered and Erste are added. The Stoxx 600 banking subindex has gained 56% year to date. (elena.vardon@wsj.com)