StanChart sees $330 mn settlement on Iran, denting profits

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Standard Chartered  expects to pay $330 million to settle a case with U.S. regulators who accused the Asia-focused bank of failing to comply with sanctions against Iran.  (Reuters) Standard Chartered expects to pay $330 million to settle a case with U.S. regulators who accused the Asia-focused bank of failing to comply with sanctions against Iran. (Reuters)
SummaryThe settlement will be on top of the $340 million it paid to New York's Department of Financial Services in Q3.

lagging the 20 percent rise on the Hang Seng Index

Asset quality remained good, the bank said, with loan impairments within the wholesale bank expected to be below the levels seen in the first half of this year. For the consumer bank, loan impairment is expected to increase by at least 10 percent from the first half.

However, StanChart pointed to India and the Middle East as two markets where it was watchful for asset quality. Slowing growth in some emerging markets has raised concern that StanChart could be hit by a rise in bad loans.

The bank appointed a new global head of loan syndication in late November, naming Cristian Jonsson to replace Philip Cracknell, who is retiring in March.

To diversify away from its traditional lending business, the bank has been looking to expand to areas such as commodities, where it aims to double revenue in the next four years, it said on Tuesday.

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