Standard Chartered Bank at risk of losing banking licence

Standard Chartered Group chief executive Peter Sands

The parent company of Standard Chartered Bank Gambia has been asked to tell why its banking licence should not be revoked after it was alleged to have involved in a "scheme" with the Iranian government and hid from law-enforcement officials 60,000 secret transactions in order to generate hundreds of millions of 
dollars in fees.

In a rare move, New York's top bank regulator threatened to strip the banking licence of Standard Chartered Plc, saying it was a "rogue institution" that hid US$250 billion in transactions tied to Iran, in violation of US law that sanctioned Iranian Government. 

The loss of a New York banking licence would be a devastating blow to Standard Chartered, effectively cutting off direct access to the US bank market.

SCB delivers outstanding half-year profit

Group Chief Executive of SCB, Peter Stands

A shot in the arm for Standard Chartered Bank clients as the bank, both national and international, continues to register impressive results, support organic growth and customers, and ensure it is well insulated from macro-economic and regulatory uncertainty.

 

SCB (Gambia) CEO, Humphrey Mukwereza

Standard Chartered Plc, the parent body of Standard Chartered Bank Gambia, has delivered its first half result for the year, which shows the bank’s income and profit increased by 11 per cent and 17 per cent respectively. 

The Group produced diverse and resilient income growth across a number of products and geographies, driven by recent investment in new product capabilities and income streams.

“Standard Chartered PLC announced a ninth successive record first half of profit with income growing by 11 per cent to US$8.76 billion as profit climbed 17 per cent to US$3.64 billion,” a statement from the bank has said.