Banking and financial services. Standard Chartered employs 38,000 people in 950 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. Standard Chartered is one of the worlds most international banks, with employees representing 80 nationalities. It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.

Red = 25 day moving average. Green = 200 day moving average.

Then don't. If the U.S. can prove their accusation and revoke their banking licence in the U.S. then STAN will lose more than 50% of their current value, imo. A huge amount of STAN's business is based on commercial transactions in $, so losing their U.S. licence would cripple them. Of course the U.S. are litigation crazy and are likely to settle out of court, but until that cloud disappears, STAN are high risk at present, imo.

Once again, given the rebound in the share price -- and strong denials of wrongdoing by the bank's management -- it wasn't much of a surprise to discover that Standard Chartered (Xetra: 859123 - news) was the single-most popular buy among private clients of stockbroker TD Direct Investing between the market's opening and 12 noon.

Having had £11 billion wiped off its value on Tuesday as the allegations broke, the bank's management is now robustly pointing to a mere 300 transactions, worth just $14 million, that were in breach of American anti-Iran legislation. At that level, the loss of a banking license is most unlikely -- and so is the likelihood of a large fine.

Now down less than 10% against the FTSE 100 (Euronext: VFTSE.NX - news) (UKX) over the week -- as opposed to 24% on Tuesday -- Standard increasingly looks like a successful crisis play for those investors bold enough to have bought in at the bottom on Tuesday.

Standard Chartered's Peter Sands takes the fight to Wall Street

From the above link :-

Bank sources have told The Sunday Telegraph that after several settlements with other banks in relation to similar issues – most notably Lloyds' $350m settlement in 2009 over breaching US sanctions on Iran – Standard Chartered began a detailed review of all U-turn payments from 2001-2007.

The analysis was completed at the end of 2011, and Standard Chartered's counsel have been involved in discussing next steps – a global settlement – with five regulators, one of which was the DFS.

The process has also involved interviews of senior and other executives, believed to include Sands himself and Lord [Mervyn] Davies, who was chief executive at the time the transactions took place.

The analysis covered 150m separate transactions, and under the bank's analysis, it found "a little under 300", totalling $14m in value, which were invalid U-turn payments.

"That's clearly wrong, we're sorry those mistakes occurred," Sands admitted last week. But what he refutes is that, as Lawsky alleges, there was a systematic attempt to circumvent sanctions. "The immediate question you ask is how do you get to $250bn?" Sands continued. "It's a figure which we don't completely recognise, but it is of the order of the total amount of U-turn payment transactions processed by Standard Chartered New York in the period 2001 to 2007.

"To conclude they were all invalid or in breach is to conclude everything we did in the U-turn mechanism was wrong."

Standard Chartered, facing hearing, talks dollars on Iran probe

Mon Aug 13, 2012 4:27am BST

(Reuters) - Standard Chartered Plc and New York state regulators have discussed a settlement amount to resolve an inquiry into whether the British bank's records improperly hid transactions tied to Iran even as the bank prepares for a hearing to defend its New York license, according to sources familiar with the situation.

The dual tracks highlight the uncertainty of the situation facing Standard Chartered (STAN.L) as it enters a second week at odds with New York's Department of Financial Services, which alleged August 6 the bank hid transactions tied to Iran. The state agency, headed by Benjamin Lawsky, ordered the bank to explain why it shouldn't lose its license at a hearing scheduled for Wednesday.

(Reuters) - Standard Chartered Plc has agreed to pay $340 million (£216.67m) to settle allegations that it hid transactions with Iran from regulators, the New York Department of Financial Services said on Tuesday.

The announcement capped a week of intense negotiations and came less than 24 hours before the London-based bank was scheduled to defend itself against the allegations at a hearing in New York.

New York Financial Services Superintendent Benjamin Lawsky on August 6 alleged the bank had hidden Iran-linked transactions with a total value of $250 billion and called it a "rogue institution" for breaking U.S. sanctions laws.

The allegations, and a threat to revoke its license to do business in New York state, hit the bank's share price last week. Chief Executive Peter Sands strongly denied the charges and said illegal transactions totalled less than $14 million.

In its announcement on Tuesday, the department said the bank had "agreed that the conduct at issue involved transactions of at least $250 billion."

The bank did not immediately comment on the announcement.

that's too good to believe.

"The bank did not immediately comment on the announcement." No to busy p*ss**g themselves I expect.. watch them shares go tomorrow.

:-)

Further to the post above Standard Chartered reaches $340 million settlement over Iran

Ian Gordon, an analyst at Investec Securities in London, said that the risk of further regulatory costs "appear sufficiently contained" to allow the bank's shares to build on a rally from their lows after Lawsky brought his case last week.

"Standard Chartered's management team have conducted themselves admirably in the face of extreme provocation," Gordon said.

Currently up 6.51%

pre-market indicates +75

Citigroup comment:
"We name STAN as one of our Most Preferred Stocks. During 3Q SC shares decoupled from the positive tone of the sector, weighed down by fears of China / EM slowdown, asset quality concerns, a short and sharp shock from New York and core shareholder stock overhang concerns. STAN shares have lagged the European bank sector by c15% ytd. We retain our Buy rating."

Interim Management Statement

Peter Sands, Group Chief Executive, commented, "Standard Chartered has continued to perform strongly in the third quarter of 2012. Although the environment remains turbulent, we are in the right markets and continue to see good momentum across our businesses and geographies. Lending and deposits have both increased over the last three months as we continue to support our customers and clients. We manage the Group conservatively with costs controlled tightly and risk well managed. Our balance sheet philosophy remains a source of competitive advantage with a focus on diversity, high levels of liquidity and a strong capital position."

SCPLC Reaches Final Settlement with US Authorities

LONDON, December 10, 2012 -- Standard Chartered PLC announces it has reached final settlements with the Office of Foreign Assets Control ("OFAC"), the Federal Reserve Bank of New York, the Department of Justice and the New York County District Attorney's Office regarding historical sanctions compliance and U.S. dollar payment practices primarily between 2001 and 2007.

The settlements are the product of an extensive internal investigation that led the Bank voluntarily to report its findings concerning past sanctions compliance to these U.S. authorities, and nearly three years of intensive cooperation with regulators and prosecutors.

Under the terms of the OFAC Settlement Agreement, the Deferred Prosecution Agreements with the Department of Justice and the District Attorney's Office, and the Cease & Desist Order and Order of Assessment of a Civil Money Penalty with the Federal Reserve, no further action will be taken against Standard Chartered by these authorities if it meets the conditions set out in the agreements.

Among the conditions is payment of a cash amount of $327 million, which will be paid in the second half of 2012.

Final Results

Standard Chartered PLC - Highlights

Reported results

· Profit before taxation of $6,876 million, up 1 per cent (2011: $6,775 million)
· Profit attributable to ordinary shareholders1 flat at $4,786 million (2011: $4,748 million)
· Operating income of $19,071 million, up 8 per cent (2011: $17,637 million)
· Customer advances up 6 per cent to $289 billion and customer deposits up 10 per cent to $390 billion

Performance metrics2

· Dividend per share increased 10.5 per cent to 84.00 cents per share (2011: 76.00 cents per share)
· Normalised earnings per share up 13.7 per cent to 225.2 cents (2011: 198.0 cents)
· Normalised return on ordinary shareholders' equity of 12.8 per cent (2011: 12.2 per cent)

Capital and liquidity metrics

· Tangible net asset value per share increased 12.1 per cent to 1,519.0 cents (2011: 1,355.6 cents)
· Core Tier 1 capital ratio at 11.7 per cent (2011: 11.8 per cent)
· Total capital ratio at 17.4 per cent (2011: 17.6 per cent)
· Advances-to-deposits ratio of 74.1 per cent (2011: 76.63 per cent)
· Liquid asset ratio of 30.4 per cent (2011: 27.83 per cent)

Significant highlights

· Tenth consecutive year of growth in income and profit, underpinned by the diversity of the Group, where 26 markets delivered over $100 million of income and 25 markets grew at a double digit rate
· Both China and Wholesale Banking in Africa reached $1 billion of income for the first time
· Our balance sheet remains in excellent shape, highly liquid and diverse with no material geographic or industry concentrations, and we enjoy continued capital strength with a Core Tier 1 ratio at 11.7 per cent

Credit Suisse note today:
FY12 results – first thoughts
■ Results were in line and less messy than HSBC yesterday. Targets reiterated but with the stock now trading at 1.9x last reported TNAV we remain UP.
■ In line results – Standard Chartered reported FY PBT of $6,876mn which was bang in line with December guidance which implied $6,875mn although they also had a $90mn gain from debt buybacks in Q4 and a lower bank levy than expected. Across the group P&L all the items appear in line. Sticking to the four targets with the group commenting that ‘2013 has started well.’
■ Capital – Basel 2 of 11.7% (vs. CSe 11.3%) vs. 11.6% at H1 and a slight decline from 11.8% at YE 2011. The bank has reiterated guidance of c.100bps Basel 3 impact. We were going for a fully loaded Basel 3 ratio of 9.8% YE 2012 but the adjustments are done on a different basis. RWAs came in at $302bn vs. $286bn last reported (11.0% annualised growth rate). TNAV per share $14.6 vs.$13.5. H1 2012 and DPS of 84c implies 3% yield.
■ Wholesale Banking – FY12 PBT at $5,803mn (ex US fines) vs. CSe $5,979mn with in line revenues, costs were higher as were provisions. In terms of outlook the bank commented on Wholesale Banking income being ahead of the comparable period last year, which we would expect; with own account income down yoy reflecting lower ALM income. Note we expect Wholesale Banking income to grow by 5% p.a. in 13E-14E.
■ Consumer Banking – FY12 PBT came in at $1,778mn vs. CSe $1,650mn with revenues ahead, costs were broadly in line and higher provisions. In terms of outlook the bank commented on Consumer Banking income being ‘well ahead’ of the comparable period last year. We expect Consumer banking income to grow by 5% in 13E and 6% in 14E.

Stanchart sees first-quarter profit decline on increased costs

HONG KONG | Wed May 8, 2013 5:52am BST
(Reuters) - Standard Chartered said on Wednesday its first quarter operating profit was likely to be slightly lower than a year ago as an increase in hiring, and wages, pushed up costs.

London-based Standard Chartered, which earns about four-fifths of its income from Asia, said group expenses were up by a low single digit percentage, while the additional 560 employees it hired in the quarter, and wage inflation, had pushed staff costs up by a high single digit percentage.

Overall income would be slightly higher compared to the same year-ago period, the bank said, thanks to client volume growth. Standard Chartered does not issue full quarterly numbers, and releases its earnings twice a year.

Interim Management Statement

Numis Buy 1,612.50 1,700.00 2,057.00 2,057.00 Upgrades

Investec Buy 1,612.50 1,700.00 1,900.00 1,900.00 Reiterates

Credit Suisse Underperform 1,612.50 1,700.00 1,400.00 1,400.00 Retains

Citigroup Buy 1,612.50 1,700.00 1,900.00 1,900.00 Retains

Bank of America Merrill Lynch Buy 1,612.50 1,700.00 1,865.00 - Reiterates

Espirito Santo Execution Noble Buy 1,612.50 1,700.00 1,970.00 1,970.00 Retains

Down nearly 5%.. recovery play anyone?