For the second year running, SWIFT has ranked Standard Chartered Bank number one in terms trade transaction volumes in Hong Kong, Singapore and the UAE.

The top ranking is based on an analysis of trade transaction volumes handled by the financial messaging provider for the year ending 30 September 2008.

Growing L/C markets

Standard Chartered continues to lead in growing its share of total market volumes of letters of credit (L/Cs) issued according to SWIFT's analysis.

It also indicates that Standard Chartered continues to grow L/C issuance volumes in Hong Kong and India.

Volumes of L/Cs advised by the bank in India and Singapore have also gained market share according to the analysis.

Good news

The award will come as good news to Standard Chartered, which is reportedly investigating whether to raise billions of pounds to bolster its balance sheet after its shares tumbled around 40 per cent in a few weeks.

The emerging markets specialist with a substantial network across Asia has asked broker JP Morgan Cazenove to consider options for raising cash to boost its capital.

Requirements met

Analysts say Standard Chartered falls comfortably within requirements set by UK regulators.

But its shares have taken a hammering in the wake of fears that the global financial crisis will push Asia into recession.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.