Britain's second-largest lender by market value, Standard Chartered Plc has announced that it is increasing the amount of dividend that is to be paid to its shareholders to 56.77 cents a share for the year.
The London-based bank said that the increased dividend would mean that the shareholders will receive a total of 84 cents per share for the year, recording an increase of 11 per cent over 2011.
The bank increased dividend and cut bonuses by 7 per cent after the US authorities imposed a fine of $667 million for violating its sanctions.
Italy’s biggest bank, UniCredit SpA (UCG) has said that its HypoVereinsbank unit is being investigated by the US authorities for possible violations of economic sanctions.
UniCredit said that its HypoVereinsbank is now cooperating with the investigators investigations by the New York County District Attorney’s Office, the U. S. Department of Justice and the U. S. Treasury Department’s Office of Foreign Assets Control.
UK's Standard Chartered Bank has reportedly reached a $340 million settlement with the financial regulators in the US over the allegations that the bank was involved in illegal trading with Iran.
The New York State Department of Financial Services (DFS) has accused the bank of hiding $250 billion in transactions that were linked to the Islamic Republic of Iran. The regulator had described the bank as a "rogue institution" and warned that its state banking licence might be reduced.
Authorities in the US have said that they have found that Standard Chartered Plc had hidden $250 billion in transactions that were linked to the Islamic Republic of Iran.
The New York State Department of Financial Services (DFS) described the bank as a "rogue institution" and warned that its state banking licence might be reduced. The DFC found that the UK based bank, colluded with the Iranian authorities and hid 60,000 secret transactions from law-enforcement officials.
Standard Chartered Securities is expecting the country's leading automotive company, Tata Motors to report a consolidated profit of Rs 4,200 crore during the fourth quarter till March 2012.
Amit Kasat, Director, India Institutional Research, Standard Chartered Securities said that he expects the company to report a consolidated profit of Rs 4,200 crore in the quarter but points out that there can be a surprise in the Profit After Tax figures.
Financial Giant Standard Chartered Bank has noted India as its most profitable market. This for the first time, India has got this recognition at Standard Chartered Bank's profit book.
Previously, Hong Kong was the most profitable market for the bank. Bank's profit in India is noted to be $1.19 billion. This is 13% up from last year's $1.06 billion. This year special administrative region of China, Hong Kong gave Bank a profit of $1.10 billion.
The holders of Standard Chartered Indian depository receipts (IDRs) may not take part in the £3.25-billion rights issue of banks, however shall be at liberty to earnings from the share sale, the lender has expressed.
Break away pools of shares shall also be designed for shareholders from five souks, Disjointedly India, the US, Switzerland and Canada, who are debarred from taking part in the issue.
But the IDR possessors, the pool holds three million shares.
Standard Chartered is taking into consideration relinquish its London base due to the government's impose on bank balance sheets and other authoritarian changes.
Standard's chief executive Peter Sands expressed that as reported in its 10th successive year of record first-half profits, the coalition government might have augmented the corporation tax on banks slightly than compel the levy, which he termed as might be complicated to implement.
Standard Chartered also known as StandC has seen healthy growth from its Indian operations. It registered a growth of 19 per cent over its previous profit before tax (PBT) during the first half of this fiscal.
In real terms the profit was at $624 million and has made India the biggest market for the bank in all its operations.
According to the spokesperson of the British bank, if the sales of its shares go at the upper band within the price band at 100-115 rupees per share, it may bank close $588 million. It may be noted here that the bank has announced a 5% discount for the retail investors for its Indian Depositary Receipts. The offer will open on Tuesday and will close on Friday.
Standard Chartered is aiming to launch its very own equity issuance business, within this year itself.
This is what the Chief Executive of the bank, Neeraj Swaroop said during his interaction with media. This means that it would be underwriting the share sales. In short, Standard Chartered is entering into the equity capital markets
After this, Standard Chartered would become a player in the very competitive marketplace.
With an aim the become the first international company to list on the domestic bourses with the local instrument, Standard Chartered is aiming to raise a whopping $500 million from the Indian market via the 220 million units of the Indian Depository Receipts (IDR).
The Indian arm of the UK based bank has already filed the red herring prospectus with the market regulator, Securities & Exchange Board of India. The company is aiming to get the process completed by the end of the June this year.
While many major players in the banking industry have been shying away from the term - Bonus, Standard Chartered has declared that the bank will provide $1.1 billion in bonuses to employees making an attempt to retain talent.
The banking major has posted a record pre-tax profit of $5.15 billion, ahead of an average forecast of $5.1 billion.
While many of its London-based rivals are running away from bonuses, the banking giant's move of providing such whopping bonuses to employees are expected to benefit the bank in the long-run.
Standard Chartered has reported to end up with a handsome profit in the FTSE 100 banking reporting season. The Bank has recorded a profit in the due time. For the seventh consecutive year, the financial success story of Standard Chartered continues.
Pre-tax profits of the company have grown up to $5.1billion. This figure has augmented to 13% from the previous year. The company has also offered an impressive dividend for the year which is 9% up from earlier. Total pay and bonuses of the Bank has risen by 4% to $4.91billion.
It's been almost 10 years that ANZ sold all of its assets to Standard Chartered and decided to move out of Indian but the fourth largest Australian lender is all set to re-enter the Indian geographies.
ANZ is now focusing on the emerging markets as its next path for growth and the Australia and New Zealand-based Banking Group is planning to set up a branch in Mumbai in a time frame of 12 months.
In fact, the banking major has already received RBI approval and is targeting a whopping profit of A$100 million within 3-4 years after it commences its operations.