Standard Chartered’s first chairman, Sir Cyril Hawker, came to the group from the Bank ofEngland, where he had served since 1920. His sensitivity to the needs of developing nations made him an excellent choice to guide Standard Chartered in its early years. In 1970, Hawker brought Standard Chartered deeper into the eurocurrency markets. Both the Standard Bank and the Chartered Bank had entered these markets in the 1960s. By 1970, Standard Chartered was using funds generated in the Euromarkets to finance projects throughout the world. Because of its Third World involvement Standard Chartered has had to deal with more problems than most banks. Unstable political and economic conditions pose a constant threat to the bank. During the 1960s some branches were nationalized by the countries they operated in. In the 1970s, though conditions were generally calmer, Standard Chartered had to be prepared to adapt to the whims of sometimes irrational governments in Africa and Asia. Wars and rebellions were a constant threat. When new regimes came to power, Standard Chartered’s branches were at times subject to new regulations, nationalization, or a transfer of ownership to native financiers. In 1970, for example, the African nation of Zambia partially nationalized the Standard Bank operating there. Nationalization was the greatest fear of any overseas bank operating in politically unstable countries. But at the same time, these regions were often very profitable.