Slipping on banana skins is something of a Standard Chartered speciality but measured against the cost to the bank of the Bombay securities scandal, where the initial provision was pounds 272m (now coming down as some of the money is retrieved), the latest appears small beer.
There is no fine or direct loss for the bank. Nonetheless, the verdict should not be taken lightly for it reveals damningly crooked practices in the market. Quite apart from the blow to reputation, the ban until next April will hurt commercially. Flotations are one of the biggest sources of income and profits for Standard Chartered in Hong Kong.Reuse content