According to media reports, UK-based Standard Chartered shares have surged following speculation that the company could be the subject of a takeover.
Bloomberg reported that the bank’s shares jumped as much as 7.2% to GBP16.54, representing its largest gain in nearly two years, valuing the company at a total of GBP22.6 billion.
The bank focuses on conducting business in Asia, particularly in India, the Middle East and South Asia. It is believed that a bid may have been tabled by an Asia consortium.
The Scotsman also reported that the shares are currently trading at a discount to peers in the region.