30StanChart in bid to settle with US over Iran
Wednesday 31 October 2012
Standard Chartered is hopeful it will reach a final settlement with US regulators over breaches of sanctions against Iran that cost it $340m (£212m) earlier this year with New York's Department of Financial Services.
"We're in active and constructive dialogue with all of the other agencies. We hope to get that finished and completed by the year end but it's not wholly in our power to do that," said finance director Richard Meddings yesterday.
Most analysts expect that there will be a single agreed deal with the Federal Reserve, Department of Justice, New York District Attorney and Office of Foreign Assets Control.
Standard Chartered said that operating profit growth had slipped to the mid-single-digit level in the first nine months of the year. However, it would still have been in double digits without the payment of $340m.
It is still on track for its 10th consecutive year of profit increases but warned that its core Asian markets were now showing signs of slower growth as the global economy cooled.
In particular, the Singaporean wholesale banking business has seen a slowdown in growth from the high to mid-teens, and Standard Chartered has chosen to give up some margin there in order to capture more market share.
Across the group, the strength of the US dollar against Asian currencies during the year has also hit reported income.
Standard Chartered shares yesterday dropped 14p to 1483.5p.
- 1 Disney heiress Abigail disowns her share of family profits in West Bank company
- 2 The secret report that helps Israel hide facts
- 3 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 4 Israel's propaganda machine is finally starting to misfire
- 5 HSBC closes bank accounts belonging to Muslim clients in the UK
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
HSBC closes bank accounts belonging to Muslim clients in the UK
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...