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Tue, Aug. 19, 1:50 AM
- Standard Chartered (OTC:SCDRF, OTCPK:SCBFF) is nearing a $200M-$300M settlement with the New York Department of Financial Services over its alleged failure to flag high risk transactions.
- The penalty would be the second Standard Chartered has paid to the banking regulator in the last two years. In 2012, the bank agreed to pay a $340M settlement over allegations that it erased identifying information from transactions linked to Iran in order to avoid U.S. detection.
Wed, Aug. 6, 3:56 AM
- Standard Chartered (OTC:SCDRF, OTCPK:SCBFF) is back in the regulatory spotlight, this time over the alleged failure to flag high risk transactions for further review.
- The bank is now in talks with the New York Department of Financial Services over a possible penalty which may range from $100M-$340M.
- A monitor, who was installed at Standard Chartered as part of the bank's 2012 settlement (due to corrupting sanctions transactions), uncovered the regulatory issues.
Wed, Feb. 5, 12:35 PM
- Ben Lawsky, New York's financial services superintendent, reportedly has opened an investigation into manipulation of the currency markets by large banks and is requesting documents from more than a dozen institutions.
- Lawsky is said to have asked for documents from Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), Goldman Sachs (GS), Lloyds (LYG), Royal Bank of Scotland (RBS), Societe Generale (SCGLF, SCGLY) and Standard Chartered (SCDRF, SCBFF).
Dec. 4, 2013, 5:33 PM
- Standard Chartered (SCDRF) warned that the operating profit at its consumer banking unit would suffer a "double-digit drop" this year, the first fall in a decade.
- The bank has fared better than European peers through the financial crisis due to its high exposure to Asia; that exposure is now coming back to bite it, with the bank blaming eroding profitability on South Korea. That unit already wrote down $1B in 1H due to a dispute with regulators and a reduction in its branch network and now sees an operating loss of $200M on the year. Bernstein blew the whistle on the phenomenon back in Aug.
- Shares finished the day shedding 6.5% in London trading.
Aug. 18, 2013, 11:23 AM
- "It is the very beginning of the downcycle in emerging markets for HSBC (HBC) and StanChart (SCDRF.OB), and the opposite for the rest of the UK banks," an analyst at Bernstein tells FT.
- The two banks — whose post-crisis pre-tax profits were a combined $66B through 2011 — may now fall behind the curve as their exposure to Asia becomes a drag amid tighter credit conditions and an acceleration in sour debt.
- Rising rates in the U.S. and other Western economies may reduce the incentive for investors to hunt for yield, exacerbating slowdowns in emerging markets.
- HSBC may be better hedged given its U.S. businesses. As for StanChart, here's Bernstein's Chirantan Barua: "When you have naked exposure, you get the best of times and the worst of times."
- See also: HSBC H1 results
Jul. 8, 2013, 5:06 AMU.K. Finance Minister George Osborne will reportedly express his support today for the overwhelming majority of recommendations of a parliamentary panel to raise standards at the country's banks. The proposals include making it a crime to manage a bank recklessly and easier to claw back bonuses, although Osborne won't back a plan for tighter limits on leverage ratios. | 1 Comment
May. 12, 2013, 5:13 PMMuddy Waters is short Standard Chartered (SCBFF.PK, SCDRF.OB), saying the market "misunderstands the amount of risk that's presently in the book." MW's Carson Block cites Standard Chartered's $1B load to Samin Tan, chairman of Bumi (PBMRF.PK), the coal company at the center of a dispute, and a $30M loan to Far Eastern Energy (FEEC.OB), with a market cap of $42M, as red flags. He says shorting Standard Chartered is "a very nice way to play the eventuality of the China unwind." | Comment!
Feb. 27, 2013, 9:57 AMStanley Black & Decker (SWK +1.1%) completes its $850M acquisition of Hong Kong based Infastech from CVC and Standard Chartered. Infastech is one of the largest Asia-based manufacturers of mechanical fasteners and the deal will help SWK increase its revenues from emerging markets to 16% of total sales. SWK also expects the acquisition to add $0.20 to its adjusted EPS in 2013 and $0.40 in 2015. (PR) | Comment!
Dec. 6, 2012, 2:59 AMStandard Chartered (SCBFF.PK) expects to pay $330M in fines to settle accusations that its dealings with Iranian customers breached U.S. sanctions. The penalty, which the U.K. bank is negotiating with multiple authorities, would add to the $340M that StanChart has agreed to pay to the New York Department of Financial Services. Meanwhile, the company forecast FY revenue and pretax profit growth of under 10%. (PR) | 1 Comment
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