DHAKA: Standard Chartered will close up to 100 bank branches next year in Asia, Africa and the Middle East in an attempt to improve its profitability.

The UK bank plans to cut about 8 percent of its global network of more than 1,200 branches to save $400 million a year.

The announcement was made on the first day of a three-day meeting with investors in Hong Kong on Tuesday, the BBC publishes this report on Wednesday.

The Asia-focused bank has been facing tough market conditions and has issued three profit warnings this year.

“We recognise our recent performance has been disappointing and are determined to get back on to a trajectory of sustainable, profitable growth, delivering returns above our cost of capital,” said finance director Andy Halford in a presentation to investors.

Last month, the bank reported a 16 percent fall in third quarter operating profit from a year ago, due to restructuring of its business and an increase in bad loans, particularly in Asia. 

The bank had seen 10 years of record earnings that ended in 2012. Its London-listed shares are down over 30 percent so far this year.

BDST: 1357 HRS, NOV 12, 2014