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Standard Chartered set for extra $330m charge over Iran

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06/12/2012
UK-listed Standard Chartered has said it is close to agreeing a further $330m charge with US regulators to settle accusations it failed to comply with sanctions against Iran.
Standard Chartered set for extra $330m charge over Iran

The settlement will be on top of the $340m paid to the New York Department of Financial Services in Q3, but will not stop the bank from posting an expected single-digit level of profit growth for 2012, Standard Chartered said.

News of US regulators’ accusations caused a sharp slump in the bank’s share price in early August. Standard Chartered shares closed over 16% down on 7 August after regulators accused it of hiding up to $250bn worth of trades with Iran.

The bank’s share price has since recovered most of those losses, with many fund managers using the opportunity to buy into the beaten-up shares.

Standard Chartered is now negotiating with regulators including the Federal Reserve Bank of New York and the US Office of Foreign Assets Control and expects discussions to conclude “very shortly”, it said in a statement.

“The group remains in active and constructive discussions with the other US agencies on the resolution of the Group’s historical US sanctions compliance,” Standard Chartered said in a pre-close trading update.

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