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.
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