Standard Chartered seeks US deal on charges of violations of Iran sanctions
Bank unlikely to reach double-digit revenue growth for year as US dollar gains strength
Standard Chartered hopes to reach a co-ordinated settlement with four US regulators before the end of the year on charges related to sanctions on Iran.
The British lender's announcement came as it reported that operating profit for the first nine months grew at a "mid-single digit rate" compared with the same period last year, "or at a double-digit rate" excluding a US$340 million fine over charges of money laundering for its Iranian clients.
Standard Chartered does not release specific figures for first- and third-quarter results.
The bank settled sanctions-busting charges with the New York State Department of Financial Services in August but still faces charges brought by four other regulatory bodies: the US Department of the Treasury, the Federal Reserve, the US Department of Justice and the Manhattan District Attorney.
"It's quite likely we will not be [posting] double-digit" revenue growth for the year, Richard Meddings, group finance director at Standard Chartered, said, adding the bank's income continues to be affected by the strength of the US dollar against Asian currencies.
The bank's shares fell nearly 2 per cent to 1,468 pence (HK$182.70) in London trading as the market reacted negatively to the announcement.
