Standard Chartered

Standard Chartered reduces key financial target

Standard Chartered reduces key financial target

Standard Chartered PLC informed that it has lowered a key financial target and also informed that it is going to take new action in order to conserve capital after profit dropped sharply last year.

It has been informed that net profit fell 37% to $2.51 billion from $3.99 billion. It is expected that the earnings will be not good. An announcement was made by the bank that former J.P. Morgan Chase & Co. executive Bill Winters is going to replace Chief Executive Peter Sands. Departure of Mr. Sands was announced last week after months of pressure from some shareholders to put new leadership in place after two years of waning earnings.

Indian exports to ASEAN to touch $280 bn in 10 yrs: StanChart

Indian exports to ASEAN to touch $280 bn in 10 yrs: StanChartNew Delhi - Indian exports to the 10-nation ASEAN bloc is expected to reach USD 280 billion in the next 10 years, says a Standard Chartered research report.

According to the global financial services major, the India-ASEAN trade corridor, currently worth around USD 80 billion, has been growing fast at a compound annual growth rate of 23 percent over the past decade.

In FY 2013-14, India's exports to the bloc stood at USD 33.13 billion.

Standard Chartered agrees to pay $300m penalty to NY regulator

standard-charteredLondon, Aug 20 : Following failure to improve money laundering controls, Standard Chartered has reportedly agreed to pay 300 million dollars (180m pound) in penalty to New York's top banking regulator.

According to the BBC, the British bank has also been banned from accepting new dollar clearing accounts without the state's approval.

The New York State Department's Benjamin M Lawsky said that if a bank fails to live up to its commitments, there should be consequences.

StanChart confident over capital strength

StanChart confident over capital strengthBanking giant, Standard Chartered Plc has said that it is confident over its capital strength even if it is facing a difficult year ahead.

The banking giant said that it is increasing its dividend even as it recorded a fall in its annual profits. The bank recorded its first fall in a decade and this weakened its outlook for the first half of the year. The bank is now facing slowing growth and rising bad loans and it has to record sustained growth even as earnings slows in Asian market.

India's current account deficit may fall to $45 bn: StanChart

Standard-Chartered-BankNew Delhi, Oct 10 : Standard Chartered Bank Thursday sharply lowered its forecast for India's Current Account Deficit to $45 billion from its earlier projection of $72 billion, due to positive foreign trade numbers.

In a research note, the bank said it has revised downward its forecast on India's current account deficit to $45 billion, or 2.5 percent of the country's gross domestic product from $71.8 billion, four percent of the GDP, pegged in its earlier report.

Standard Chartered renews sponsorship with Liverpool

Standard-Chartered-and-LiverpoolNew Delhi, July 19 : Liverpool Football Club and Standard Chartered Bank Thursday announced a two-year extension to their main sponsor agreement.

The bank signed up as the club's main sponsor in July 2010 appearing on the front of the 'Reds' shirt for the last three seasons. The partnership has now been extended to run until the end of the 2015-16 season. Financial terms of the agreement remain confidential.

Liverpool has just embarked on a tour of Asia and Australia where they will play in Jakarta, Melbourne and Bangkok.

Standard Chartered increases dividends to 56.77 cents a share

Standard Chartered increases dividends to 56.77 cents a shareBritain'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.

US authorities investigating HypoVereinsbank for violation of sanctions

US authorities investigating HypoVereinsbank for violation of sanctionsItaly’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.

Standard Chartered Bank reaches $340 million settlement with regulator

Standard Chartered Bank reaches $340 million settlement with regulatorUK'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.

Standard Chartered hid 250 billion in transactions linked to Iran, US

Standard Chartered hid 250 billion in transactions linked to Iran, USAuthorities 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 expects Tata Motors to report Rs 4,200 crore in profits

Standard Chartered expects Tata Motors to report Rs 4,200 crore in profitsStandard 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.

Indian arm registered maximum profit for Standard Chartered

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.

StanChart issue proceeds for IDR holders

Standard-CharteredThe 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 chief recommend transferring

Standard Chartered chief recommend transferringStandard 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.

StanC's Indian operations do well to post 19% rise in profit

StanC's Indian operations do well to post 19% rise in profitStandard 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.

StanChart to bank $588 million via share sale

StanChart-OfferAccording 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 to unveil equity issuance biz

standard-charteredStandard 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
(ECM).

After this, Standard Chartered would become a player in the very competitive marketplace.

Standard Chartered aiming to raise $500 million

Standard Chartered aiming to raise $500 millionWith 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.

StanChart announces $1.1 billion payout as bonuses

StanChart announces $1.1 billion payout as bonusesWhile 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.

Glorious figures of Standard Chartered

Glorious figures of Standard CharteredStandard 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.

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