For investors, the problem with Standard Chartered is not the quality but the price. At 2.5 times book value, the UK-listed emerging market lender trades on multiples more akin to Asian banks than other UK banks, which trade between 0.8 and 1.6 times book value.

But a seventh successive year of record revenue and profit in 2009, despite the tough economic climate, should encourage investors to think again. Few other banks can match Standard Chartered's growth potential, which amply justifies its premium rating.