https://www.scmp.com/rss/27308/feed Standard Chartered is headquartered in London, but around 90 per cent of its profits come from Africa, Asia and the Middle East as of 2012. Its name is derived from the two banks from which it was formed in a merger in 1969: The Chartered Bank of India, Australia and China, and Standard Bank of British South Africa. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Standard Chartered, the British bank which is heavily exposed in emerging markets, posted its first decline in earnings in a decade due to volatile financial markets and tough conditions in South Korea, with analysts warning the bank still faces challenges in 2014. Standard Chartered's profit before taxation dropped 7 per cent to US$6.96 billion last year. The statutory net profit for ordinary shareholders sank 17 per cent to US$3.99 billion. The bonus pool was cut 15 per cent to US$1.3 billion,... https://www.scmp.com/business/banking-finance/article/1441031/standard-chartered-net-profit-declines-17pc?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1441031/standard-chartered-net-profit-declines-17pc?utm_source=rss_feed Wed, 05 Mar 2014 10:51:05 +0000 Standard Chartered's decade of rising earnings is expected to come to an end when the emerging-markets-focused British bank delivers its results for last year on Wednesday. Pre-tax profit is forecast to fall 2.4 per cent to US$6.71 billion, according to the average analysts' estimate in a Bloomberg poll, which also drew on management guidance in December of flat income growth for last year. The analysts are looking to stronger growth momentum as the bank benefits from a restructuring that... https://www.scmp.com/business/banking-finance/article/1438890/stanchart-poised-slowing-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1438890/stanchart-poised-slowing-growth?utm_source=rss_feed Sun, 02 Mar 2014 19:00:30 +0000 Standard Chartered is seeking buyers for Hong Kong consumer finance business PrimeCredit, according to people familiar with the matter, as the Asia-focused bank sells peripheral businesses. The move comes after the London-based bank said in November that it aimed to use capital more effectively. It said it would close or sell small units that were not in its biggest markets, did not work well with other operations or did not produce sufficient profit. The bank, which recently reshuffled... https://www.scmp.com/business/banking-finance/article/1431076/standard-chartered-looking-sell-hong-kong-lender?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1431076/standard-chartered-looking-sell-hong-kong-lender?utm_source=rss_feed Wed, 19 Feb 2014 06:30:45 +0000 HSBC could report a tough fourth quarter, going by rival Standard Chartered's travails. HSBC's global banking and markets business, the investment banking arm regarded as its main growth driver, is likely to experience what Standard Chartered is going through in the quarter. Standard Chartered recently warned of slower income growth this year, weighed down mainly by its financial markets business. However, the impact on the more geographically diversified HSBC is expected to be less significant.... https://www.scmp.com/business/banking-finance/article/1377130/hard-times-stanchart-raise-fears-rivals?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1377130/hard-times-stanchart-raise-fears-rivals?utm_source=rss_feed Mon, 09 Dec 2013 19:00:45 +0000 A controversial class of investment products may soon become widely available again after most banks in Hong Kong stopped selling them when tough restrictions on their sale were introduced this year. Two of the city's Big Four banks are said to be reviewing their policies on the sale of investment-linked assurance schemes (ILAS), with a view to promoting them more actively in one case and resuming their sale in the other. HSBC is reviewing its sales of ILAS, which it is now selling only to... https://www.scmp.com/business/banking-finance/article/1373535/controversial-investment-linked-assurance-schemes-poised?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1373535/controversial-investment-linked-assurance-schemes-poised?utm_source=rss_feed Thu, 05 Dec 2013 02:50:04 +0000 Standard Chartered has warned of muted income growth this year due to the poor performance of its South Korean consumer banking business, with an operating loss of up to US$200 million. Despite a worse-than expected fourth-quarter performance, the bank's management gave a positive outlook for its depressed margins, but some analysts questioned how the bank could offset the potential rise in losses. "The uncertainty of the geographic performance and margin outlook puts pressure on its share... https://www.scmp.com/business/banking-finance/article/1373279/stanchart-warning-slow-growth-rattles-investors?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1373279/stanchart-warning-slow-growth-rattles-investors?utm_source=rss_feed Wed, 04 Dec 2013 22:00:25 +0000 Asia-focused British lender Standard Chartered has come to terms with the prospect of high single-digit income growth rates in the next few years, down from the double-digit rates of the past, due to the global economic slowdown and uncertainties about regulatory requirements on capital and liquidity. The tightening of underwriting criteria in India and the scaling down of its consumer business in South Korea had hit growth, executives said yesterday, and the bank would now focus on parts of... https://www.scmp.com/business/banking-finance/article/1353838/stanchart-settles-slower-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1353838/stanchart-settles-slower-growth?utm_source=rss_feed Mon, 11 Nov 2013 19:30:23 +0000 Standard Chartered said its income and operating profit recorded low single-digit growth in the first nine months of the year on souring credit quality at its South Korean business and currency depreciation in emerging markets. Income for the third quarter edged down by a low single-digit percentage from last year, the bank said in its interim management statement yesterday, without giving specific figures. Impairment charges for the quarter fell to below US$300 million from the first half but... https://www.scmp.com/business/banking-finance/article/1342630/korea-woes-weigh-down-stanchart?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1342630/korea-woes-weigh-down-stanchart?utm_source=rss_feed Tue, 29 Oct 2013 07:30:30 +0000 Beijing's move to eliminate bureaucratic approval processes to encourage foreign banks to open branches in the Shanghai free-trade zone has met with a lukewarm response. The Shanghai free-trade zone, the mainland's first such zone, was launched at the end of September. The hope was that a wide range of banking services, a freer foreign exchange regime and market-oriented interest rate reforms would take root in the zone. So far, some 10 banks have applied for and received permission to open... https://www.scmp.com/business/banking-finance/article/1327556/foreign-banks-shun-chinas-shanghai-free-trade-zone-amid?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1327556/foreign-banks-shun-chinas-shanghai-free-trade-zone-amid?utm_source=rss_feed Tue, 08 Oct 2013 16:00:00 +0000 HSBC and Standard Chartered are expected to be among the first batch of foreign banks to offer a wide range of banking services in the mainland's first free-trade zone, in Shanghai, with Beijing wanting to open its financial sector wider to foreign investment. Sources familiar with the situation said the China Banking Regulatory Commission's (CBRC) Shanghai bureau had contacted a small number of foreign banks, including HSBC and Standard Chartered, to seek feedback on how they wanted to open... https://www.scmp.com/business/banking-finance/article/1307200/hsbc-stanchart-fit-free-trade-zone?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1307200/hsbc-stanchart-fit-free-trade-zone?utm_source=rss_feed Mon, 09 Sep 2013 16:00:00 +0000 Standard Chartered expects its loan growth to slow for the rest of the year as fewer mainland companies come to Hong Kong for funds, with the liquidity crunch easing there. Benjamin Hung Pi-cheng, the Hong Kong chief executive of the bank, said the possible tapering of the US Federal Reserve's quantitative easing programme did not worry him as the lender now had an adequate deposit base. Describing the bank's loan-deposit ratio as healthy, he said the net interest margin would stay at the same... https://www.scmp.com/business/banking-finance/article/1295380/stanchart-loans-china-set-fall?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1295380/stanchart-loans-china-set-fall?utm_source=rss_feed Thu, 08 Aug 2013 16:00:00 +0000 Standard Chartered played down the risks to its business of a slowing global economy as it unveiled first-half pre-tax profits that included a painful US$1 billion write-down against its South Korean operations. It admitted that plans for double-digit income growth were unrealistic. "At a time when market sentiment towards emerging markets seems remarkably correlated, it is worth remembering that these economies don't all rise and fall simultaneously," group chief executive Peter Sands said in a... https://www.scmp.com/business/banking-finance/article/1294675/stanchart-profit-sags-after-us1b-hit-korean-business?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1294675/stanchart-profit-sags-after-us1b-hit-korean-business?utm_source=rss_feed Tue, 06 Aug 2013 09:33:58 +0000 Standard Chartered Hong Kong and Shenzhen International, a Hong Kong-listed operator of logistics facilities and toll roads on the mainland, yesterday signed a one-year Qianhai cross-border bilateral loan agreement worth 100 million yuan (HK$125.51 million). The deal marks a milestone in the use of offshore yuan and an increase in financing channels for companies incorporated in the 15-square-kilometre special economic zone in western Shenzhen. Standard Chartered Hong Kong managing director... https://www.scmp.com/business/banking-finance/article/1280586/stanchart-agrees-qianhai-loan-deal?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1280586/stanchart-agrees-qianhai-loan-deal?utm_source=rss_feed Thu, 11 Jul 2013 16:00:00 +0000 A deterioration in asset quality, especially in South Korea, and a 75 per cent jump in the bank levy in Britain helped drag Standard Chartered's performance in the first half of the year below its targets for revenue and income growth. Standard Chartered did better in the second quarter than in the first and last year, finance director Richard Meddings told a teleconference yesterday, but he expected income growth to be in single digits this year. Income for the first half was expected to grow... https://www.scmp.com/business/banking-finance/article/1269760/stanchart-hurt-s-korean-weakness?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1269760/stanchart-hurt-s-korean-weakness?utm_source=rss_feed Wed, 26 Jun 2013 16:00:00 +0000 Standard Chartered plans to roll out more "digital branches" in Hong Kong to boost sales revenue and shorten the time customers queue for services. The digital branches will be equipped with tablet computers which will enable customers to access the internet and online banking accounts when waiting for the services, said Mary Huen Wai-yi, country head of consumer banking in Hong Kong. "More and more people go to the branches for face-to-face service, such as seeking investment advice and... https://www.scmp.com/business/banking-finance/article/1262405/stanchart-digital-branches-expand-bid-boost-sales?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1262405/stanchart-digital-branches-expand-bid-boost-sales?utm_source=rss_feed Sun, 16 Jun 2013 16:00:00 +0000 HSBC Holdings and Standard Chartered sold 1.5 billion yuan (HK$1.9 billion) worth of notes in Singapore yesterday in the first dim sum bond issuances since yuan-clearing became available in the city state. China has been relaxing controls on the yuan in order to gradually increase the use of its currency abroad. Industrial and Commercial Bank of China has begun yuan-clearing in Singapore, the world's fourth-largest foreign exchange trading centre and the main Asian base for oil and commodity... https://www.scmp.com/business/banking-finance/article/1247489/hsbc-sells-first-yuan-bonds-singapore-standard-chartered?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1247489/hsbc-sells-first-yuan-bonds-singapore-standard-chartered?utm_source=rss_feed Mon, 27 May 2013 11:06:24 +0000 After some time out of the limelight following his spectacular fall from grace in 2011, former International Monetary Fund chief Dominique Strauss-Kahn has resurfaced in unusual circumstances. It will be recalled that his stellar career was derailed by a lurid scandal involving a sexual encounter with a maid at a New York hotel. Criminal charges were laid but subsequently dropped. Various other colourful stories surfaced during this period. However, the reason Strauss-Kahn has been the subject... https://www.scmp.com/business/article/1238501/strauss-kahn-gives-south-sudan-some-special-attention?utm_source=rss_feed https://www.scmp.com/business/article/1238501/strauss-kahn-gives-south-sudan-some-special-attention?utm_source=rss_feed Wed, 15 May 2013 16:00:00 +0000 Carson Block, the short seller who runs Muddy Waters, is betting against the debt of Asia-focused Standard Chartered because of "deteriorating" loan quality. "We think the market misunderstands the amount of risk that's presently in the book," Block said on Friday. A US$1 billion loan to Samin Tan, chairman of Bumi, the coal company at the centre of a dispute between co-founders Nathaniel Rothschild and Indonesia's Bakrie family, and loans to Far East Energy were "red flags", he said. Block, who... https://www.scmp.com/business/money/markets-investing/article/1237170/short-seller-carson-block-targets-standard?utm_source=rss_feed https://www.scmp.com/business/money/markets-investing/article/1237170/short-seller-carson-block-targets-standard?utm_source=rss_feed Mon, 13 May 2013 16:00:00 +0000 Fierce competition for business has put pressure on margins at Standard Chartered, which reported disappointing first quarter results yesterday. Operating profit fell slightly from the previous year, the bank said in its interim management statement, without giving any numbers. The results came as a shock to the market, with Standard Chartered's share price in Hong Kong falling 3.53 per cent to close at HK$193.90, after rising as much as 2.4 per cent before the bank's results were announced at... https://www.scmp.com/business/banking-finance/article/1232959/standard-chartered-sees-profit-down-increased-costs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1232959/standard-chartered-sees-profit-down-increased-costs?utm_source=rss_feed Wed, 08 May 2013 06:48:19 +0000 Someone has evidently had a word in the ear of Standard Chartered Bank chairman Sir John Peace, which has resulted in him having to make an embarrassing retraction. He has released a statement to the London and Hong Kong stock exchanges in which he says that in the press conference that followed the announcement of the bank's annual results at the beginning of March "I made certain statements that I very much regret and that were at best inaccurate". He explains that he had been asked a question... https://www.scmp.com/business/article/1196564/standard-chartered-bank-chairman-eats-humble-pie?utm_source=rss_feed https://www.scmp.com/business/article/1196564/standard-chartered-bank-chairman-eats-humble-pie?utm_source=rss_feed Thu, 21 Mar 2013 16:00:00 +0000 Home prices in Hong Kong may fall by 15 to 20 per cent in two years following the increase in mortgage lending rates, an investment bank predicts, but some developers and bankers believe the impact will be small. Deutsche Bank, which forecast mortgage rates to rise a further 0.75 of a percentage point, said prices could drop by 20 per cent in the coming years. Its prediction came on a day that saw Hang Seng Bank follow HSBC and Standard Chartered in raising its residential mortgage rate on new... https://www.scmp.com/business/article/1191006/further-mortgage-rate-rise-could-cut-home-prices-20pc-two-years?utm_source=rss_feed https://www.scmp.com/business/article/1191006/further-mortgage-rate-rise-could-cut-home-prices-20pc-two-years?utm_source=rss_feed Thu, 14 Mar 2013 16:00:00 +0000 The decision by HSBC and Standard Chartered to raise mortgage lending rates by 0.25 percentage points should not come as a surprise. Other lenders are likely to follow their lead, as Hang Seng Bank did yesterday. Ever since the Hong Kong Monetary Authority told major banks to raise the level of capital they set aside to cover new residential mortgage loans, it was only a matter of time before the banks passed on the extra cost to customers. The HKMA order came last month to coincide with the... https://www.scmp.com/comment/insight-opinion/article/1190985/mortgage-rate-hikes-add-note-caution-markets?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1190985/mortgage-rate-hikes-add-note-caution-markets?utm_source=rss_feed Thu, 14 Mar 2013 16:00:00 +0000 New home buyers face higher mortgage costs after HSBC and Standard Chartered raised mortgage lending rates by 25 basis points yesterday. Centaline Property Agency said last night that some owners had immediately slashed their asking prices. A 922 sq ft flat in Taikoo Shing was on offer for HK$13 million, a reduction of 7 per cent. Other owners dropped their prices by up to 10 per cent. The rate rise comes after the Hong Kong Monetary Authority last month increased the cost to lenders of issuing... https://www.scmp.com/business/banking-finance/article/1190056/hsbc-standard-chartered-raise-mortgage-rates?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1190056/hsbc-standard-chartered-raise-mortgage-rates?utm_source=rss_feed Wed, 13 Mar 2013 13:49:52 +0000 Standard Chartered lifted its 2012 dividend payout 11 per cent but bonuses paid to top executives slipped amid higher regulatory costs. Finance director Richard Meddings said he expected the bank would have to pay more than US$500 million this year in one-off regulatory costs. The bank said such costs remained a concern, with the amount imposed expected to be bigger owing to a growing balance sheet. Chief executive Peter Sands said the bank shrank its bonus pool to US$1.43 billion last year,... https://www.scmp.com/business/banking-finance/article/1179082/stanchart-profits-hit-record-us69b?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1179082/stanchart-profits-hit-record-us69b?utm_source=rss_feed Tue, 05 Mar 2013 03:49:19 +0000 NPC begins with work report China's parliament, the National People's Congress, begins its deliberations. The opening day of the meeting commences with the final work report delivered by outgoing Premier Wen Jiabao, one of his last official duties before handing the reins to Li Keqiang. The work report is a review of government activities over the previous year and a look at what the nation can look forward to in the coming year. Wen is also expected to comment on his 10 years in... https://www.scmp.com/comment/insight-opinion/article/1177329/talking-points?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1177329/talking-points?utm_source=rss_feed Mon, 04 Mar 2013 16:00:00 +0000 Yuan deposits in HK approach record high Yuan deposits in Hong Kong climbed in January to within 0.5 per cent of a record as investors revived bets on the currency's appreciation given an improving outlook for economic growth on the mainland. Savings rose 21 billion yuan (HK$26.2 billion) from December to 624 billion yuan, the Hong Kong Monetary Authority said. Bloomberg   Petrobras, Sinopec in talks to build refinery Petrobras, the world's most indebted publicly traded oil company, is in talks... https://www.scmp.com/business/china-business/article/1164288/business-digest-march-1-2013?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1164288/business-digest-march-1-2013?utm_source=rss_feed Thu, 28 Feb 2013 16:00:00 +0000 Think tank estimates GDP growth at 8pc China's gross domestic product will grow at an annualised rate of about 8 per cent in the first quarter of this year, while the consumer price index will rise an annualised 2.6 per cent, the China Securities News said, quoting the State Information Centre, a leading government think tank. Fixed-asset investment will grow 21 per cent, it said. Reuters   WTO rules against anti-dumping duties China's anti-dumping duties on European Union X-ray security... https://www.scmp.com/business/china-business/article/1160776/business-digest-february-28-2013?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1160776/business-digest-february-28-2013?utm_source=rss_feed Wed, 27 Feb 2013 16:00:00 +0000 A reader has complained bitterly to us over what he feels are Standard Chartered Bank's opaque practices with regard to time deposits. He recently opened an integrated currency account with the bank in the hope of preserving his savings in a 12-month time deposit. This he did online and put in US$35,000 for which he receives the princely yield of 0.1 per cent. He also wanted a yuan time deposit but this could only be done at a branch. After a 30-minute wait at the Chai Wan branch he was... https://www.scmp.com/business/article/1138838/matter-some-interest-standard-chartered?utm_source=rss_feed https://www.scmp.com/business/article/1138838/matter-some-interest-standard-chartered?utm_source=rss_feed Tue, 29 Jan 2013 16:00:00 +0000 HSBC Holdings has agreed to pay US$1.92 billion in fines to resolve a lengthy criminal investigation by US authorities into money laundering and terrorist financing, a record bank penalty. The London-based bank, Europe's largest lender, said yesterday that it had entered a deferred prosecution agreement to settle the accusation of suspicious big-ticket money transactions between its Mexico and US units, and terrorist and illegal financing in the Middle East. "We accept responsibility for our... https://www.scmp.com/business/banking-finance/article/1103277/hsbc-share-price-rises-it-settles-criminal-probe-us192?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1103277/hsbc-share-price-rises-it-settles-criminal-probe-us192?utm_source=rss_feed Tue, 11 Dec 2012 16:00:00 +0000 HSBC, Europe’s largest bank, agreed to pay US$1.92 billion to settle US probes of money laundering in the largest such accord ever. The settlement includes a deferred prosecution agreement with the US Department of Justice, the London-based bank said on Tuesday in a statement. HSBC expects to complete an undertaking with the British Financial Services Authority soon, it said, without providing specifics. Chief executive Stuart Gulliver’s attempts to reduce costs and improve profitability have... https://www.scmp.com/business/companies/article/1102774/hsbc-agrees-pay-record-us19b-over-us-money-laundering-probe?utm_source=rss_feed https://www.scmp.com/business/companies/article/1102774/hsbc-agrees-pay-record-us19b-over-us-money-laundering-probe?utm_source=rss_feed Tue, 11 Dec 2012 08:47:39 +0000 HSBC Holdings and Standard Chartered both rose after reaching settlements with regulators, with HSBC forfeiting US$1.25 billion, and paying another US$665 million in civil penalties, while Standard Chartered has agreed to pay US$327 million in fines. HSBC rose 30 HK cents, or 0.38 per cent to HK$79.75 in late morning trade in Hong Kong, and Standard Chartered was up HK$1.50, or 0.81 per cent, at HK$185.90. The benchmark Hang Seng Index was up 0.34 per cent. A person familiar with the matter said... https://www.scmp.com/business/banking-finance/article/1102872/hsbc-standard-chartered-shares-rise-after-news-settlement?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1102872/hsbc-standard-chartered-shares-rise-after-news-settlement?utm_source=rss_feed Tue, 11 Dec 2012 03:57:29 +0000 Standard Chartered expects to report full-year revenue growth in the "high single digits", according to a statement from Britain's second-largest lender by market value. The bank, which gets most of its profit in Asia, said pre-tax income might grow at a "mid-single-digit" rate, not including the effect of future settlements with United States regulators. In late October, finance director Richard Meddings warned that the bank might miss its earlier growth target of at least 10 per cent. The... https://www.scmp.com/business/banking-finance/article/1099437/standard-chartered-bank-expects-high-single-digit-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1099437/standard-chartered-bank-expects-high-single-digit-growth?utm_source=rss_feed Thu, 06 Dec 2012 16:00:00 +0000 The American extortion of Standard Chartered is nearly over. The British bank is ready to pay off, sorry I mean settle with, the rest of the US mafia crew otherwise known as federal regulators, with a fine of US$330 million for breaching US sanctions against Iran. New York State's top financial regulator, Benjamin Lawsky, first broke ranks by making incendiary money-laundering and conspiracy accusations against the bank worthy of Tom Clancy. That forced StanChart to cough up US$340 million,... https://www.scmp.com/comment/insight-opinion/article/1099302/mafia-extortion-or-double-standard?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1099302/mafia-extortion-or-double-standard?utm_source=rss_feed Thu, 06 Dec 2012 16:00:00 +0000 HKMA sells HK$3.1b to weaken HK dollar The Hong Kong Monetary Authority sold HK$3.1 billion in the currency markets to weaken the local dollar, preventing it from strengthening past its trading peg with the US dollar, after the US dollar hit HK$7.75, the lower end of the trading band between the local unit and the greenback.   StanChart gets yuan loan quota for client Standard Chartered said it became the first foreign bank in China to be granted a yuan-denominated loan quota on behalf of a... https://www.scmp.com/business/china-business/article/1092562/business-digest-november-28-2012?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1092562/business-digest-november-28-2012?utm_source=rss_feed Tue, 27 Nov 2012 16:00:00 +0000 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... https://www.scmp.com/business/banking-finance/article/1073472/standard-chartered-seeks-us-deal-charges-violations-iran?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1073472/standard-chartered-seeks-us-deal-charges-violations-iran?utm_source=rss_feed Tue, 30 Oct 2012 16:00:00 +0000 Banks are shedding staff around the world to cut costs this year with the exception of the mainland, where several European lenders are hiring to support the expansion of their networks. Three European banks - Britain's HSBC and Standard Chartered, and Germany's Deutsche Bank - are hiring people for various functions on the mainland, according to headhunting sources. Elsewhere in the sector hundreds of positions have been cut at international banks including Deutsche Bank and Credit Suisse in... https://www.scmp.com/business/banking-finance/article/1061120/global-banks-hiring-staff-china?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1061120/global-banks-hiring-staff-china?utm_source=rss_feed Sun, 14 Oct 2012 16:00:00 +0000 LONDON/NEW YORK (Reuters) - Standard Chartered is pursuing a collective settlement with other U.S. authorities after agreeing to pay $340 million to New York's financial regulator under mounting pressure from shareholders. The bank said it made a "pragmatic decision" to settle after having seen its share price slump by more than 30 percent at one stage last week, following accusations that it concealed Iran-linked transactions worth a total of $250 billion. The transactions were at the centre of... https://www.scmp.com/business/banking-finance/article/1016313/standard-chartered-eyes-joint-deal-after-backing-down-us?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1016313/standard-chartered-eyes-joint-deal-after-backing-down-us?utm_source=rss_feed Thu, 16 Aug 2012 11:29:09 +0000 Investors in Hong Kong cheered news that Standard Chartered bank had reached a settlement with New York financial regulators by sending the British bank's shares higher, in a weaker overall stock market. The agreement came just a day before the bank was scheduled to defend its operating licence in a formal hearing over allegations it dealt improperly with Iran. That hearing has been called off, but Standard Chartered still faces challenges from other US regulators. According to the settlement,... https://www.scmp.com/business/banking-finance/article/1015677/investors-cheer-standard-chartered-settlement-new-york?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1015677/investors-cheer-standard-chartered-settlement-new-york?utm_source=rss_feed Wed, 15 Aug 2012 16:00:00 +0000 Standard Chartered agreed to pay US$340 million to New York's bank regulator over transactions linked to Iran, in a speedily arranged deal that helped push up the emerging market-focused lender's shares. The deal with New York Superintendent of Financial Services Benjamin Lawsky on Tuesday caps a week of transatlantic tension and a furore over why a state agency had upstaged other authorities. The British bank still faces a separate probe of its Iran-linked transactions by other US agencies. The... https://www.scmp.com/business/companies/article/1015407/standard-chartered-pay-new-york-us340m-iran-deals?utm_source=rss_feed https://www.scmp.com/business/companies/article/1015407/standard-chartered-pay-new-york-us340m-iran-deals?utm_source=rss_feed Wed, 15 Aug 2012 07:22:27 +0000 Deloitte chief executive Joe Echevarria is fighting back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were "distortions of the facts". The New York State Department of Financial Services, in a case involving US anti-money laundering laws, said last week that Deloitte consultants omitted critical details in a report to regulators about Standard Chartered. The regulator cited an e-mail from a... https://www.scmp.com/business/banking-finance/article/1014940/deloitte-chief-hits-back-over-diluted-stanchart-report?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1014940/deloitte-chief-hits-back-over-diluted-stanchart-report?utm_source=rss_feed Tue, 14 Aug 2012 16:00:00 +0000