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Monday, August 13, 2012, 2:35 AM StanChart (SCBFF.PK) agrees to a demand from New York's Department of Financial Services to recruit an external monitor to ensure that the bank complies with anti-money laundering laws, Bloomberg reports. StanChart is due to meet the DFS on Wednesday to persuade it not to revoke the bank's license to operate in the state because of its dealings with Iran. Comment!
Sunday, August 12, 2012, 2:46 AM International banks are worried that they could find themselves the target of New York investigations over transactions that the federal authorities said were legal but that the State's banking regulator could deem illegal, the NYT reports. The concern among the banks, which include Lloyds (LYG), Barclays (BCS), ING and HSBC (HBC), follow NY's accusations against StanChart overs its dealings with Iran. Comment! [Financials, Top Stories]
Sunday, August 12, 2012, 2:24 AM Standard Chartered (SCBFF.PK) is in discussions with multiple authorities to settle, possibly this week, the investigations into its dealings with Iran, Reuters reported yesterday. One set of talks is with New York's bank regulator and the other with federal agenices, highlighting the divide between the authorities. 2 Comments [Financials, Top Stories]
Friday, August 10, 2012, 4:49 AM NY's case against StanChart (SCBFF.PK) is more about whether the bank violated the "books and records" law by covering up its dealings with Iran using allegedly false records rather than whether those dealings themselves broke the law. Breaches of records law are more clear cut and easier to prove than violations of regulations that restrict dollar transactions with sanctioned countries. Comment! [Financials]
Thursday, August 9, 2012, 4:18 AM StanChart (SCBFF.PK) is considering countersuing New York's Department of Financial Services for reputational damage following the latter's allegations about the bank's dealings in Iran, the FT reports. Several months ago, StanChart offer to pay a $5M fine for the $14M of transactions it agrees violated U.S. law but was rebuffed; the DFS is eyeing penalties of over $500M. 2 Comments [Financials, Top Stories]
Wednesday, August 8, 2012, 3:00 PM Standard Chartered (SCBFF.PK +11%) must have better friends in high places than Barclays and HSBC as U.K. officials - having no issue with recent allegations against those two banks - quickly leap to the defense of SCB. Mervyn King urges against a rush to judgement, and elected officials call the charges an attack on the City of London's status as a financial center. Comment! [Financials]
Wednesday, August 8, 2012, 3:06 AM Standard Chartered (SCBFF.PK) isn't the only one surprised by New York's publication of the Iran allegations - the Fed, DOJ and the Treasury are too. They're also probing the bank and some reportedly aren't happy with New York, which grew impatient with the inaction of the others. StanChart might have to pay up to $700M to settle. 3 Comments [Financials, Top Stories]
Tuesday, August 7, 2012, 6:43 AM Standard Chartered (SCBFF.PK) has denied accusations from the State of New York that it hid over 60,000 illegal Iranian transactions totaling at least $250B over a 10-year period. The U.K.-listed bank said the total value of the transactions that breached U.S. regulations was less than $14M. Shares -24.5% in London. (PR) 1 Comment [Financials, Top Stories]
Monday, August 6, 2012, 11:58 AM Standard Chartered's (SCBFF.PK -16.7%) largest equity holder is Temasek Holdings - Singapore's state-owned investment fund - with an 18% stake (via tradefast). This could get interesting. (earlier) 1 Comment [Global & FX, Financials]
Monday, August 6, 2012, 11:49 AM The U.K.'s Standard Chartered Bank (SCBFF.PK -10%) is accused by the State of New York of "scheming" with Iran to hide more than 60K transactions totaling at least $250B over a 10-year period. The bank could lose its license to operate in NY. 6 Comments [Global & FX, Financials, Breaking News]
Tuesday, June 5, 2012, 3:12 PM The U.K.'s top 5 banks - RBS, BCS,LYG, HBC, SCBFF.PK - have £40B in undeclared losses, according to PIRC, which says the accounts have been flattered by a 2005 change in accounting standards. The result is dividends and bonuses being paid out on profits that aren't there. Worst is RBS, which could potentially need another bailout if the losses were declared. 3 Comments [Financials]
Wednesday, May 30, 2012, 8:25 AM Black & Decker (SWK -0.2%) is among the prospective suitors for Singapore-based Infastech, a provider of industrial fasteners that generates sales of over $500M, Reuters reports. Infastech was bought by CVC and Standard Chartered's (SCBFF.PK) P-E arm in 2010 for $350M-$400M. First-round bids are due today. Comment! [M&A]
Tuesday, April 17, 2012, 7:51 AM Standard Chartered (SCBFF.PK) stands poised to close a $100M private equity deal in the Gulf Arab region before the end of 2012, according to a senior exec. The British bank seeks attractive opportunities in Saudi Arabia, United Arab Emirates and Kuwait after deal activity in the region all but dried up over the last two years. Comment! [Global & FX, Financials]
Monday, February 6, 2012, 3:54 PM Among the European banks that did not borrow from the ECB's LTRO - likely fearful as being tagged in need of assistance - are Deutsche Bank (DB), and U.K. lenders Barclays (BCS), Standard Chartered (SCBFF.PK), and Lloyds (LLG), reports the WSJ. Nearly every major French, Spanish, and Italian lender took advantage of the borrowing opportunity. Comment! [Global & FX, Financials]
Thursday, January 5, 2012, 5:43 PM Standard Charter's Asia chief Jaspal Bindra thinks the West will be stuck in a Japan-style “lost decade" as banks deleverage and shore up their balance sheets to meet tougher regulations. He tells his Western peers to suck it up: “Asian banks have always been operating at 10% of Tier 1 capital... If Asian banks could generate income [at that level], there’s no reason why Western banks [can’t]." 1 Comment [Financials, Global & FX]
Monday, December 19, 2011, 1:04 PM More on U.K. banks: The loss-absorbing capacity of big banks will be at least 17% of equity capital, which will apply to their U.K. and non-U.K. ops, "except where they can demonstrate that they do not pose a threat to the U.K. taxpayer." The question is where that leaves HSBC (HBC), given its vast overseas balance sheet. Comment! [Financials, Top Stories, Global & FX]

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Standard Chartered.5