advertisement


Business news
You are here: ninemsn > Money > Business news

Standard Chartered expects to pay $US670m

By AAP
22:03 AEST Thu Dec 6 2012
Related articles

Scandal-hit Standard Chartered has warned it expects to pay a total of $US670 million ($A643.58 million) to settle allegations that it breached sanctions with Iran.

The bank was accused by regulators in August of exposing the United States to terrorists and drug kingpins by hiding $US250 billion of transactions with Tehran.

In a trading update, Standard said it expects to pay another $US330 million on top of the $US340 million paid to New York's Department of Financial Services to settle the claims.

The 160-year-old lender said the charge will push pre-tax profit growth down to a "mid-single digit rate" rather than in the double-digit range.