Arab Today, arab today uk bank faces more challenges
Last Updated : GMT 00:00:12
Arab Today, arab today
Arab Today, arab today

UK bank faces more challenges

Arab Today, arab today

Arab Today, arab today UK bank faces more challenges

London - Arabstoday

Standard Chartered is pursuing a collective settlement with other US authorities after speedily agreeing to pay $340 million (Dh1.25 billion) to New York’s financial regulator, who broke ranks with early revelations that the bank hid banned Iranian transactions. Chief Executive Peter Sands, who cut short his holiday in Canada last week to deal with the affair, remains in the United States as the bank continues talks with other agencies to agree a comprehensive deal that removes lingering uncertainty. “Negotiations are going on between the other agencies, and we are talking to them. It is safe to assume there will now be a collective agreement,” the spokesman said, declining to put a timeframe on the process. Standard Chartered Plc could pay as much as $1 billion in fines as it settles with other regulators following its agreement with the New York Department of Financial Services, according to Simon Morris, a regulatory lawyer at CMS Cameron McKenna in London. “The implication for Standard Chartered is they have a truce on one battle but four more to fight” with their other regulators, he said in an interview with Bloomberg Television today. For their total fine, “you might multiply by three or four; you might see $1 billion potentially.” Shares in Standard Chartered were up 4.2 per cent at 1,427 pence at 0945 GMT, still 9 per cent below their value prior to accusations being made against the bank on August 6 by New York’s Financial Services Superintendent Benjamin Lawsky. Lawsky said Standard Chartered had hidden Iran-linked transactions with a total value of $250 billion and called it a “rogue institution” for breaking US sanctions. That prompted a robust defence from Sands against what he called Lawsky’s “disproportionate” allegations, but the bank’s shares lost over 30 per cent of their value in 24 hours, ramping up the pressure on Standard Chartered to strike a deal. “I think Standard Chartered wanted to settle because the share price had become destabilised,” said one of the bank’s 30 biggest investors. “Prior to that, I think they believed they had good legal grounds to resist a settlement of say under $200 million on the basis of the history of these cases.” The affair also took on a political dimension, with some British members of parliament suggesting it was part of a US effort to undermine London as a financial centre. Lawsky drew criticism from other regulators for jumping ahead of a two-year probe into the bank by the US Treasury, the Federal Reserve, the Justice Department and New York prosecutors. Britain’s finance minister George Osborne made a series of phone calls to his US counterpart last week expressing concern at the way details of the case came out. Sands flew to New York on Sunday to take personal control of the negotiations ahead of a planned hearing with New York on Wednesday which has now been adjourned pending formal completion of the settlement. Monday’s settlement offered some relief to shareholders, but investors were quick to point out that Standard Chartered still had some way to go before closing the most regrettable chapter in its history. “Don’t forget about the other half of the fine - they haven’t settled with the DoJ/OFAC yet,” another of the bank’s biggest 30 investors told Reuters, estimating a second financial hit of around the same size. Shareholders remain broadly supportive of Sands. “I don’t think Peter Sands’s reputation has been damaged much by the affair. The fact that his robust defence doesn’t quite gel with the size of the fine would be the only real concern,” said one of the bank’s biggest 40 shareholders. from;gulfnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk bank faces more challenges Arab Today, arab today uk bank faces more challenges

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk bank faces more challenges Arab Today, arab today uk bank faces more challenges

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday