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Mining mogul Anil Agarwal-led Vedanta Resources Ltd (<keyword id="1432951" type="General" weightage="80" keywordseo="vrl" source="Orion">VRL</keyword>) has repaid USD 250 million in loans that the company took from <keyword id="120129" type="General" weightage="80" keywordseo="barclays-bank" source="Orion">Barclays Bank</keyword> and <keyword id="127691" type="General" weightage="80" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword>, according to regulatory filings. The company had earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns about its financial position. <br /><br /> VRL, the majority owner of Mumbai-listed mining and oil &amp; gas company Vedanta Ltd, repaid USD 150 million borrowed from Barclays Bank. <br /><br /> "The earlier disclosure was made pursuant to facility agreement dated June 16, 2022...between Twin Star Holdings (borrower), VRL and <keyword id="16815402" type="General" weightage="80" keywordseo="welter-trading" source="Orion">Welter Trading</keyword> Ltd (as original guarantors), Deutsche Bank AG acting through its Singapore Branch, and Barclays Bank PLC (as original lender), for the purposes of availing facility of an aggregate amount of USD 150,000,000 by the borrower from the original lender," the company said in a filing to BSE. <br /><br /> However, the said facility has been repaid and the encumbrance released, it said. <br /><br /> The company also repaid USD 100 million borrowed from Standard Chartered Bank. <br /><br /> "The earlier disclosure was made pursuant to facility agreement... entered into between Twin Star Holding, VRL and Welter Trading (as original guarantors), Standard Chartered Bank (Singapore) Ltd (as original lender), and Standard Chartered Bank (as arranger and agent), for the purposes of availing a facility of an aggregate amount of USD 100,000,000. However, the said facility has been repaid and the encumbrance has been released," another regulatory filing said. <br /><br /> Last month, VRL had said it is in the advanced stage of finalisation to tie up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. <br /><br /> The company had said it has pre-paid all its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months. <br /><br /> Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023. <br /><br /> Headquartered in London, VRL is a diversified global natural resources company spanning across India, Zambia, Namibia and South Africa.<br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-appoints-omar-davis-as-its-president-strategy/articleshow/98690407.cms">Vedanta appoints Omar Davis as its President-Strategy</a></strong><br /><strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/about-7-in-10-investors-unable-to-generate-even-benchmark-index-returns-says-samco-nielsen-survey/articleshow/98695748.cms">About 7 in 10 investors unable to generate even benchmark index returns, says Samco-Nielsen survey</a></strong>

Vedanta Resources repays USD 250 million in loans

<span>India's third-largest private sector lender <keyword id="6355975" type="CITY" weightage="80" keywordseo="Axis-Bank">Axis Bank</keyword> is raising $500 million by selling bonds with five-and-a-half-year maturity. According to an executive of <keyword id="127691" type="CITY" weightage="80" keywordseo="Standard-Chartered-Bank">Standard Chartered Bank</keyword>, a banker to the issue, the bond is expected to be priced 195 basis points over the five-year US treasury, which was trading at about 1.58% on Monday. One basis point is 0.01 percentage point. </span>
<br /><br />

	"It is a $500-million bond issue and the book has been oversubscribed four times," said the executive.
<br /><br /> <keyword id="55717" type="COMPANY" weightage="80" keywordseo="Standard-Poor">Standard &amp; Poor</keyword>'s Ratings Services assigned 'BBB-' long-term issue rating to a proposed issue. The rating on the notes reflects the long-term counterparty credit rating on the bank. "The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of Axis Bank. They shall, at all times, rank at par among themselves and with all other unsecured obligations of the bank," the rating company said. <br /><br /> "It is to be seen if banks would swap the dollar funds raised overseas into rupee. Most of the issuers could keep the proceeds in dollar form to fund their overseas branches and Indian corporates to expand offshore," said Harihar Krishnamoorthy, head treasurer at <keyword id="327299" type="COMPANY" weightage="80" keywordseo="FirstRand-Bank">FirstRand Bank</keyword>. <br /><br /> <keyword id="6653" type="CITY" weightage="80" keywordseo="ICICI-bank">ICICI Bank</keyword>, recently, raised about $600 million through Renminbi-denominated notes at a coupon of 4.2%. (Image: Axis Bank)

Axis Bank To Raise $500 Million Via Bonds

Mumbai, Jun 4 () British lender Standard Chartered Bank's local unit has started operations from the International Financial Services Centre, becoming the first global bank to commence operations from the special economic zone in Gandhinagar. <p> Presence at the newly built IFSC GIFT City can help the lender expand its business in trade, lending, financial market transactions and other structured products, a statement said. </p><p> A slew of Indian lenders have operations at the IFSC, which helps them operate like a foreign unit, even though located within the geographical limits of India, and gives access to cheaper funds and also provides products for the global needs of Indian corporates. </p><p> "The value propositions offered at IFSC GIFT City have given us an opportunity to set up our offshore banking unit (OBU) and further enhance our India franchise," its head of strategy Prakash Subramanian said. </p><p> He added that it will focus on External Commercial Borrowings, Export Trade Finance and Financial Market Products from the OBU. </p><p> The statement from the lender said over the last few months, the Reserve Bank of India (RBI) has enabled more products at IFSC, including raising liabilities from non-individuals with no tenor restrictions. </p><p> The most recent addition was trading in non-deliverable derivative products starting June 1, 2020. </p> The bank participated in non-deliverable derivative products and successfully closed multiple non-deliverable forward (NDF) and non-deliverable option (NDO) deals with several private sector banks and a corporate amounting to a volume of more than USD 100 million on the first day itself, the statement said. AA MR MR

Standard Chartered Bank starts operations at IFSC GIFT City

<p><div class="KonaFilter image-container"><div class="image"></div><p></p></div>New York has banned Standard Chartered Bank from accepting new dollar clearing accounts without the state's approval after the London-based firm failed to improve money laundering controls.</p>
<p>Standard Chartered's Hong Kong subsidiary has also been suspended from high-risk retail dollar clearing, and will be forced to end high-risk client relationships at its United Arab Emirates branches.</p>
<p>The bank has also agreed to pay a $300 million penalty.</p>
<p><span>"If a bank fails to live up to its commitments, there should be consequences," <span>Department of Financial Services Superintendent Ben Lawsky said in a statement.</span> "That is particularly true in an area as serious as anti-money-laundering compliance, which is vital to helping prevent terrorism and vile human rights abuses."</span></p>
<p>The penalties relate to <a href="http://www.nytimes.com/2012/08/15/business/standard-chartered-settles-with-new-york-for-340-million.html?pagewanted=all">Standard Chartered's 2012 settlement</a> with the state for $340 million for lying about Iranian money laundering. As part of that agreement, Standard Chartered allowed the state to set up an independent oversight authority. That authority subsequently found that the bank<span style="font-size: 15px; line-height: 1.5em;"> "failed to detect a large number of potentially high-risk transactions for further review."</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Here's the new order:</span></p>
<p style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"><a href="http://www.scribd.com/doc/237226828/SCB-Order-8-19-2014" title="View SCB Order 8-19-2014 on Scribd">SCB Order 8-19-2014</a></p>
<p></p>

New York Bans Standard Chartered Bank From New Dollar Clearing Accounts

<keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Airport Holdings Ltd (<keyword id="1497287" type="General" weightage="80" keywordseo="aahl" source="Orion">AAHL</keyword>), a wholly owned subsidiary of <keyword id="258914" type="General" weightage="50" keywordseo="adani-enterprises-ltd" source="Orion">Adani Enterprises Ltd</keyword>, has announced a successful closure of funding of $250 million senior secured three-year ECB facility from consortium of <keyword id="127691" type="General" weightage="50" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword> (SCB) and Barclays Bank PLC.<br /><br />The facility has an option to raise additional $200 million.<br /><br />The financing structure enables a scalable capital solution with flexibility to tap global capital markets in line with AAHL's vision of providing a transformational airport infrastructure platform.<br /><br />AAHL is leading the Adani portfolio's foray into B2C infrastructure assets. AAHL business is centred around convenience to consumer both via physical and digital channels.<br /><br />"We are focussed on delivering high quality infrastructure access to our consumers both through physical and digital channels," said an AAHL spokesperson.<br /><br />"The first phase of our capital management plan is now set in motion with the funding of AAHL, MIAL and NMIAL, and we will now focus on scaling up the airports business into one of the largest airport platforms globally. We are grateful to our stakeholders and consumers for their continued support and their confidence in us."<br /><br />This issuance by AAHL, marks the first milestone in its capital management plan. Earlier this week, MIAL placed $750 million private placement to Apollo, and $1.74 billion financial closure for NMIAL from the domestic banking system. With this, AAHL has tapped three different pools of capital cumulating to $2.74 billion. AAHL is now geared for the next phase of its capital management plan which includes tapping the public capital markets and further construction facilities to enable access to long term capital sources for infrastructure development.<br /><br />AAHL is an integrated airport network consisting of eight airports located around city centres controlling 50 per cent of top 10 domestic routes, 23 per cent of the total Indian air traffic, and 30 per cent of India's air cargo.<br /><br />AAHL airports handle around 200 million consumers, including passengers and non-passengers.<br /><br />AAHL is fully committed to the UN Sustainability Development Goals (SDGs) with a specific focus on SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action), demonstrated through initiatives that include solar energy installation projects, electric vehicle usage, green buildings, conversion to LED lamps, among others.<br /><br /><strong>SEE ALSO:<br /><br /> <a href="https://www.businessinsider.in/stock-market/news/ril-tumbles-nearly-4-on-weaker-than-expected-profits-slowdown-in-retail-business-and-decline-in-jio-subscriber-additions/articleshow/91433432.cms">RIL tumbles nearly 4% on weaker than expected profits, slowdown in retail business and decline in Jio subscriber additions</a><br /><br /> </strong><a href="https://www.businessinsider.in/finance/news/snacks-health-bills-electricity-bills-and-more-will-add-to-your-chunkier-home-loan-emis/articleshow/91429752.cms"><strong>Snacks, health bills, electricity bills and more will add to your chunkier home loan EMIs</strong></a><br />

Adani Airports secures $250 million ECB funding for airport development

Andhra Bank, Punjab and <keyword id="149809" type="COMPANY" weightage="20" keywordseo="Sind-Bank">Sind Bank</keyword> and <keyword id="6361176" type="CITY" weightage="20" keywordseo="State-Bank">State Bank</keyword> of No matter whether the banks got a logo makeover or looks chic inside, not a single public service bank has secured a position in Top 10 chart of service standards, as shown by the <keyword id="414760" type="ORGANIZATION" weightage="20" keywordseo="Banking-Codes-and-Standards-Board-of-India">Banking Codes and Standards Board of India</keyword> (BCSBI).<br />And the ones coming in the top 5 are RBL Bank, Standard Chartered Bank, Yes Bank, Citibank and HSBC. Punjab National Bank, State Bank of Bikaner and Jaipur, Andhra Bank, Punjab and Sind Bank and <keyword id="4376212" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword> have hit the lowest position. The BCSBI - a body set up by the Reserve Bank of India (RBI) - is a society of banks that prescribes minimum service standards for lenders. By promising adherence to the codes, banks spell out the minimum service standards customers can expect.<br /><br />According to <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> report, the survey was conducted using five parameters - information dissemination, transparency, grievance redressal, customer centricity and customer feedback. Banks have been ranked in each of the parameters and an overall rank has been provided. When compared to the last such survey in 2015, both public sector and private sector banks have seen their score drop across all parameters, except grievance redressal. Foreign banks have improved their performance on transparency, customer feedback and customer centricity.<br />Andhra Bank, Punjab and Sind Bank and State Bank of No matter whether the banks got a logo makeover or looks chic inside, not a single public service bank has secured a position in Top 10 chart of service standards, as shown by the Banking Codes and Standards Board of India (BCSBI).<br />And the ones coming in the top 5 are RBL Bank, Standard Chartered Bank, Yes Bank, Citibank and HSBC. Punjab National Bank, State Bank of Bikaner and Jaipur, Andhra Bank, Punjab and Sind Bank and State Bank of Patiala have hit the lowest position. The BCSBI - a body set up by the Reserve Bank of India (RBI) - is a society of banks that prescribes minimum service standards for lenders. By promising adherence to the codes, banks spell out the minimum service standards customers can expect.<br /><br />According to Economic Times report, the survey was conducted using five parameters - information dissemination, transparency, grievance redressal, customer centricity and customer feedback. Banks have been ranked in each of the parameters and an overall rank has been provided. When compared to the last such survey in 2015, both public sector and private sector banks have seen their score drop across all parameters, except grievance redressal. Foreign banks have improved their performance on transparency, customer feedback and customer centricity.<br /><br />

These government banks have the worst service record, according to RBI approved body

<p><div class="image-container float_right" style="width:400px"><div class="image"></div><p class="source"><a href="http://www.hasbro.com/games/en_US/shop/details.cfm?R=34DA36C9-5056-900B-10A4-3B04F9EA5D3E:en_US&amp;PRODUCT_ID=28268&amp;DUMPIT=0&amp;SRC=endeca">Hasbro-parker-brothers</a></p></div>There are places in the world where even <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> <keyword id="172234" type="UNKNOWN" weightage="60" keywordseo="investment-banks">investment banks</keyword> must be careful to tread, at least that's what they're coming to realize.</p>
<p>According to the <a href="http://www.ft.com/intl/cms/s/0/47c3432a-aa5d-11e2-9a38-00144feabdc0.html#axzz2RCB1li2a">Financial Times</a>, banks are scaling down certain activities in high risk areas like the Middle East and Asia. This makes sense if you've been paying attention. Over the last year, bank after bank has been hit with sanctions for laundering money for unsavory actors in certain parts of the world.</p>
<p><a href="http://www.businessinsider.com/rchard-meddings-standard-chartered-banker-with-f-word-rant-2012-8">Perhaps the quote,</a> <em>“You f—ing Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians?”</em> rings a bell to you?</p>
<p>It obviously does to <keyword id="6356454" type="CITY" weightage="60" keywordseo="standard-chartered">Standard Chartered</keyword> (they were sued by the U.S. government for money laundering last summer) and to other banks across Wall Street that have decided that they cannot trust their local partners in certain regions.</p>
<p><a href="http://www.ft.com/intl/cms/s/0/47c3432a-aa5d-11e2-9a38-00144feabdc0.html#axzz2RCB1li2a">From the FT:</a></p>
<p style="padding-left: 30px;">“We’re closing down certain relationships,” one top London-based banker said.</p>
<p style="padding-left: 30px;">Another added: “It’s about cost versus volume. Increasingly, the cost of policing a relationship can outweigh the commercial benefits.”</p>
<p style="padding-left: 30px;"><span class="wsodCompany">Citigroup</span> and <span class="wsodCompany">JPMorgan</span> are among the US banks to have retreated from a number of so-called correspondent banking relationships across several countries in the Middle East, Africa and Asia, aware that they cannot vouch for the integrity of local partners.</p>
<p><keyword id="6358584" type="CITY" weightage="60" keywordseo="HSBC">HSBC</keyword>, which paid out a $1.9 billion fine <a href="http://www.businessinsider.com/hsbc-money-laundering-report-2012-7?op=1">for money laundering charges</a> that read like the plot of a James Bond film, will also be scaling back its activities.</p>
<p><a href="http://www.ft.com/intl/cms/s/0/47c3432a-aa5d-11e2-9a38-00144feabdc0.html#axzz2RCB1li2a">Head to the FT for more on this&gt;</a></p>

Wall Street Has Developed A Healthy Fear Of Some Of The World's Riskiest Regions

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCI90ALO_H&amp;SMLS=1&amp;RW=1440&amp;RH=716#/SearchResult&amp;VBID=2C0FCI90ALO_H&amp;SMLS=1&amp;RW=1440&amp;RH=716&amp;POPUPPN=5&amp;POPUPIID=2C0BF1OUKINL7">REUTERS/Brendan McDermid</a></span></p><p class="caption">Barclays chairman John McFarlane is said to have considered the deal.</p></div><p></p></div></div></strong></p><ul><li><strong>FT: Barclays board has considered the possibility of a merger with Standard Chartered.</strong></li><li><strong>The possible deal is one plan being considered to ward off activist investor Edward Bramson, <a href="http://www.businessinsider.com/activist-investor-major-stake-barclays-2018-3">who has built a 5.4% stake in Barclays.</a></strong></li><li><strong>Neither side has issued statements to shareholders, suggesting no serious talks have taken place.</strong></li></ul><p><br />LONDON - Barclays has considered the possibility of merging with Standard Chartered Bank, <a href="https://www.ft.com/content/7b3c789a-5e0b-11e8-9334-2218e7146b04">according to a report in the Financial Times.</a></p><p>The FT report on Wednesday sites sources close to the talks, saying senior board members at Barclays are considering a StanChart tie-up as part of a wide range of possible contingency plans to <a href="http://www.businessinsider.com/activist-investor-major-stake-barclays-2018-3">ward off an activist investor who has built a stake in the bank.</a></p><p>Barclays declined to comment. A spokesperson for StanChart told Business Insider: "We are entirely focussed on executing our strategy, and do not comment on this type of speculation."</p><p>Neither bank has issued a statement to the market. Public listing rules mandate that companies must disclose significant talks if outed in the press, suggesting that Barclays has not made any serious approach. The FT report stressed that the idea was in the early stages, no serious work had been done, and Barclays' directors had simply "kicked around" the idea.</p><p>Reuters on Wednesday morning reported that Barclays has <a href="https://uk.reuters.com/article/uk-barclays-m-a/barclays-has-no-plans-for-tie-up-with-rival-banks-sources-idUKKCN1IO0OG">"no plans" for any tie-up with a rival bank</a>, citing two sources at the bank.</p><p><a href="http://markets.businessinsider.com/stocks/barclays-stock">Barclays shares are up 0.18%</a> after half an hour's trade in London. <a href="http://markets.businessinsider.com/stocks/standard_chartered-stock">Standard Chartered shares are up 3.20% at the same time.</a></p><h2>Why Barclays is scoping out Standard Chartered</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Yuri Gripas</span></p><p class="caption">Barclays CEO Jes Staley.</p></div><p></p></div></div>The FT says Barclays' board members including chairman Sir John McFarlane are considering the merits of a merger with Standard Chartered in response to stake building by activist investor Edward Bramson.</p><p><a href="http://www.businessinsider.com/activist-investor-major-stake-barclays-2018-3">Bramson's activist fund Sherborne has acquired a 5.4% in the bank in recent months.</a> Bramson is perhaps best known in the UK for waging an extended boardroom battle with Electra Private Equity several years ago.</p><p>Bramson almost never speaks publicly about his stake-building activities or his motivations but the FT reports that Barclays CEO Jes Staley has met with Bramson in New York. Bramson is said to want Barclays to return capital from its underperforming investment bank to shareholders.</p><p>In order to head off this potential pressure from Bramson, the board are therefore considering plans that could create value for investors. The StanChart tie-up is just one option on the table, according to the FT. Others include a straightforward return of capital to shareholders, expansion of Barclays' UK retail business, or even potential tie-ups with the likes of Credit Suisse or Deutsche Bank.</p><h2>Would a StanChart deal make sense?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Bobby Yip</span></p></div><p></p></div></div>Standard Chartered and Barclays are two very different banks.</p><p>UK-headquartered Barclays is known for its retail, corporate and investment banking activity in the UK and US.</p><p>Standard Chartered, meanwhile, focuses on commercial and investment banking in Asia, Africa, and the Middle East.</p><p>Barclays is in the process of withdrawing from its African banking operations, so in that sense the geographic footprint of the two banks would complement each other. But the FT quoted an unnamed finance professional as saying: "I'm not sure there are many synergies."</p><p><a href="https://www.ft.com/content/7b3c789a-5e0b-11e8-9334-2218e7146b04">You can read the FT's full story on the potential deal here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-happens-next-north-south-korea-peace-treaty-2018-4">What will probably happen with the North and South Korean peace treaty</a></h3>        <div>                    </div>    </div>

Barclays has reportedly 'kicked around' the idea of merging with Standard Chartered

<p><div class="KonaFilter image-container float_right"><div class="image"><p class="source"><a href="http://commons.wikimedia.org/wiki/File:Deloittewien.jpg">Wikimedia Commons</a></p></div><p></p></div><keyword id="6358918" type="PERSON" weightage="60" keywordseo="Deloitte">Deloitte</keyword> has agreed to a <a href="http://www.governor.ny.gov/press/06182013revorm-agreement-deloitte-standard-chartered-consulting">one-year suspension from consulting work at New York regulated financial services firms and to pay $10 million to the state</a>, Governor <keyword id="196530" type="PERSON" weightage="60" keywordseo="Andrew-Cuomo">Andrew Cuomo</keyword>'s office said in a release. [via <a href="http://dealbook.nytimes.com/2013/06/18/in-crackdown-on-bank-consultants-deloitte-is-fined-and-banned/">Dealbook</a>]</p>
<p>The settlement has to do with the auditor's past consulting work for U.K. investment bank Standard Chartered, which was slapped with money laundering allegations last summer.</p>
<p>Back in August 2012, <a href="http://www.businessinsider.com/standard-chartered-iran-details-2012-8">New York's Department of Financial Services released explosive allegations</a> against Standard Chartered accusing it of facilitating billions of dollars in transactions for Iran, which is currently in under U.S. sanctions. </p>
<p>According to the <keyword id="6355838" type="COMPANY" weightage="60" keywordseo="New-York">New York</keyword> regulator's complaint, Standard Chartered allegedly asked the U.K.-headquartered auditor to water down its reports. </p>
<p>From the NY DFS complaint: </p>
<p style="padding-left: 30px;"><span>45. Having improperly gleaned insights into the regulators' concerns and strategies for investigating U-Turn-related misconduct, SCB asked D&amp;T to delete from its draft "independent" report any reference to certain types of payments that could ultimately reveal SCB's Iranian U-Turn practices. In an email discussing D&amp;T's draft, a D&amp;T partner admitted that "we agreed" to SCB's request because "this is too much and too politically sensitive for both SCB and Deloitte. That is why I drafted the watered-down version." - Page 19</span><span><br /></span></p>
<div class="field field-type-text field-field-subtitle">
<div class="field-items">
<div class="field-item odd">
<p class="press-subtitle-subtitle">Here's the <a href="http://www.governor.ny.gov/press/06182013revorm-agreement-deloitte-standard-chartered-consulting">release</a> detailing Deloitte's settlement: </p>
<p class="press-subtitle-subtitle" style="padding-left: 30px;">Governor Andrew M. Cuomo today announced that the Administration has reached an agreement with Deloitte Financial Advisory Services ("Deloitte") regarding the company's misconduct, violations of law, and lack of autonomy during its consulting work at Standard Chartered on anti-money laundering issues. Under the agreement, Deloitte agrees to a one-year, voluntary suspension from consulting work at financial institutions regulated by the New York State Department of Financial Services ("DFS"), will make a $10 million payment to the State of New York, and will implement a set of reforms designed to help address conflicts of interest in the consulting industry.</p>
</div>
</div>
</div>
<p style="padding-left: 30px;">DFS intends to use the reforms Deloitte has agreed to today as a model that will govern all independent consulting firms that seek to be retained or approved by DFS. These reforms could also potentially serve as a template for other government agencies that retain independent consultants in regulatory work.</p>
<p style="padding-left: 30px;">"The State's agreement with Deloitte will serve as a new model for reforming the financial services consulting industry in New York as well as across the country," Governor Cuomo said. "When tasked by government agencies to undertake regulatory work at financial institutions, it is critical for these consultants to remain autonomous and avoid conflicts of interest. Our homeowners, investors and economy are protected when independent consultants are truly 'independent."</p>
<p style="padding-left: 30px;">Benjamin M. Lawsky, Superintendent of Financial Services, said, "At times, the consulting industry has been infected by an 'I'll scratch your back if you scratch mine' culture and a stunning lack of independence. Today, we are taking an important step in helping ensure that consultants are independent voices - rather than beholden to the large institutions that pay their fees. Our aggressive work investigating and reforming the consulting industry is far from over and will continue in the days, weeks, and months ahead."</p>
<p style="padding-left: 30px;"><strong><span style="text-decoration: underline;">DFS's Investigation into Deloitte's Work at Standard Chartered</span></strong></p>
<p style="padding-left: 30px;">In 2004, Standard Chartered executed a joint written agreement with the New York State Banking Department ("the Department" - a DFS predecessor agency) and Federal Reserve Bank of New York ("FRBNY"), which identified several compliance and risk management deficiencies in the anti-money laundering and Bank Secrecy Act controls at Standard Chartered's New York branch. The agreement required Standard Chartered to retain a qualified independent consulting firm to review anti-money laundering issues at the bank. Standard Chartered engaged Deloitte to conduct that review.</p>
<p style="padding-left: 30px;">DFS's investigation into Deloitte's conduct during its consultant work at Standard Chartered found that the company:</p>
<ul class="pressmargin" style="padding-left: 30px;">
<li style="padding-left: 30px;">Did not demonstrate the necessary autonomy required of consultants performing regulatory work. Based primarily on Standard Chartered's objection, Deloitte removed a recommendation aimed at rooting out money laundering from its written final report on the matter to the Department. The recommendation discussed how wire messages or "cover payments" on transactions could be manipulated by <keyword id="6368751" type="PERSON" weightage="60" keywordseo="Banks">banks</keyword> to evade money laundering controls on U.S. dollar clearing activities.</li>
<li style="padding-left: 30px;">Violated New York Banking Law § 36.10 by disclosing confidential information of other Deloitte clients to Standard Chartered. A senior Deloitte employee sent emails to Standard Chartered employees containing two reports on anti-money laundering issues at other Deloitte client banks. Both reports contained confidential supervisory information, which Deloitte FAS was legally barred by New York Banking Law § 36.10 from disclosing to third parties.</li>
</ul>
<p style="padding-left: 30px;"><strong><span style="text-decoration: underline;">Deloitte Agreement</span></strong></p>
<p style="padding-left: 30px;">To resolve the misconduct, lack of autonomy, and violations of law at Deloitte uncovered during DFS's investigation, Deloitte has agreed to:</p>
<ul class="pressmargin" style="padding-left: 30px;">
<li style="padding-left: 30px;">voluntary, one year suspension from conducting consulting work at firms regulated by DFS;</li>
<li style="padding-left: 30px;">Make a $10 million payment to the State of New York;</li>
<li style="padding-left: 30px;">Establish and implement a new set of safeguards to address conflicts of interest in the consulting industry. DFS intends to use these standards as a new model that will govern independent consulting firms that seek to be retained or approved by DFS. When a financial institution engages an independent consultant pursuant to an agreement or order by DFS, the following code of conduct will apply:<br />
<ul style="padding-left: 30px;">
<li style="padding-left: 30px;">Disclosure of Past Work that Could Represent Potential Conflicts of Interest. The financial institution and the consultant will disclose to DFS all prior work by the consultant for the financial institution in the previous three years.</li>
<li style="padding-left: 30px;">Declaration of Independence Provision. The engagement letter between the consultant and the financial institution shall require that the consultant's ultimate conclusions and judgments during its work will be based upon the exercise of its own independent judgment - rather than that of the financial institution.</li>
<li style="padding-left: 30px;">Anti-tampering Provisions. The consultant's final report shall contain a listing of all of the personnel from the financial institution who substantively reviewed or commented on drafts of the findings, conclusions, and recommendations to be included in the final report. The consultant will also bring any disagreement over a material matter between itself and the financial institution to DFS's attention.</li>
<li style="padding-left: 30px;">Records of Recommendations Financial Institutions Failed to Implement ('Anti-Sweeping-Under-the-Rug' Provision). The consultant and financial institution shall maintain records of recommendations to the financial institution that the financial institution did not adopt, and provide such records to DFS.</li>
<li style="padding-left: 30px;">Monitoring the Monitor, Independent Lines of Communication. DFS will meet regularly - at least monthly - with the independent consultant. The financial institution will consent that contacts between the Consultant and DFS may occur outside of the presence of the financial institution.</li>
<li style="padding-left: 30px;">Protecting Confidential Information. The consultant shall have in place policies and procedures designed specifically to maintain the confidentiality of bank supervisory material.</li>
</ul>
</li>
</ul>
<p><span style="line-height: 22.5px;">Here's a statement from Deloitte sent to Business Insider: </span></p>
<p style="padding-left: 30px;">As a leading professional services firm, Deloitte has an important responsibility to continually elevate the standards that govern our work and that of our profession.</p>
<p style="padding-left: 30px;">As such, Deloitte FAS has voluntarily entered into an agreement with the New York Department of Financial Services that resolves DFS' inquiry into Deloitte FAS' role in the 2004-2005 Standard Chartered Bank matter. </p>
<p style="padding-left: 30px;"><span style="text-decoration: underline;"></span></p>
<p style="padding-left: 30px;">We are pleased that, as the agreement states, a thorough investigation by DFS found no evidence that Deloitte FAS knew of, or aided, abetted or concealed any alleged violation of law by SCB.</p>
<p style="padding-left: 30px;">Deloitte FAS looks forward to working constructively with DFS to establish best practices and procedures that are ultimately intended to become the industry standard for all independent consulting engagements under DFS' supervision.</p>
<p style="padding-left: 30px;">It is important to note that, as the agreement also states: "This is not intended to affect engagements performed by any Deloitte entity other than Deloitte FAS.  Neither the fact of this agreement nor any of its terms is intended to be, or should be construed as, a reflection of any of the other practices of Deloitte-affiliated entities."</p>

Deloitte Gets Banned For One Year From Consulting New York Regulated Banks

<p><div class="image-container float_right" style="width:480px"><div class="image"><p class="source"><a href="http://commons.wikimedia.org/wiki/File:Deloittewien.jpg">Wikimedia Commons</a></p></div></div><keyword id="6358918" type="PERSON" weightage="60" keywordseo="Deloitte">Deloitte</keyword> has agreed to a <a href="http://www.governor.ny.gov/press/06182013revorm-agreement-deloitte-standard-chartered-consulting">one-year suspension from consulting work at New York regulated financial services firms and to pay $10 million to the state</a>, Governor <keyword id="196530" type="PERSON" weightage="60" keywordseo="Andrew-Cuomo">Andrew Cuomo</keyword>'s office said in a release. [via <a href="http://dealbook.nytimes.com/2013/06/18/in-crackdown-on-bank-consultants-deloitte-is-fined-and-banned/">Dealbook</a>]</p>
<p>The settlement has to do with the auditor's past consulting work for U.K. investment bank Standard Chartered, which was slapped with money laundering allegations last summer.</p>
<p>Back in August 2012, <a href="http://www.businessinsider.com/standard-chartered-iran-details-2012-8">New York's Department of Financial Services released explosive allegations</a> against Standard Chartered accusing it of facilitating billions of dollars in transactions for Iran, which is currently in under U.S. sanctions. </p>
<p>According to the <keyword id="6355838" type="COMPANY" weightage="60" keywordseo="New-York">New York</keyword> regulator's complaint, Standard Chartered allegedly asked the U.K.-headquartered auditor to water down its reports. </p>
<p>From the NY DFS complaint: </p>
<p style="padding-left: 30px;"><span>45. Having improperly gleaned insights into the regulators’ concerns and strategies for investigating U-Turn-related misconduct, SCB asked D&amp;T to delete from its draft “independent” report any reference to certain types of payments that could ultimately reveal SCB’s Iranian U-Turn practices. In an email discussing D&amp;T’s draft, a D&amp;T partner admitted that “we agreed” to SCB’s request because “this is too much and too politically sensitive for both SCB and Deloitte. That is why I drafted the watered-down version.” — Page 19</span><span><br /></span></p>
<div class="field field-type-text field-field-subtitle">
<div class="field-items">
<div class="field-item odd">
<p class="press-subtitle-subtitle">Here's the <a href="http://www.governor.ny.gov/press/06182013revorm-agreement-deloitte-standard-chartered-consulting">release</a> detailing Deloitte's settlement: </p>
<p class="press-subtitle-subtitle" style="padding-left: 30px;">Governor Andrew M. Cuomo today announced that the Administration has reached an agreement with Deloitte Financial Advisory Services (“Deloitte”) regarding the company’s misconduct, violations of law, and lack of autonomy during its consulting work at Standard Chartered on anti-money laundering issues. Under the agreement, Deloitte agrees to a one-year, voluntary suspension from consulting work at financial institutions regulated by the New York State Department of Financial Services (“DFS”), will make a $10 million payment to the State of New York, and will implement a set of reforms designed to help address conflicts of interest in the consulting industry.</p>
</div>
</div>
</div>
<p style="padding-left: 30px;">DFS intends to use the reforms Deloitte has agreed to today as a model that will govern all independent consulting firms that seek to be retained or approved by DFS. These reforms could also potentially serve as a template for other government agencies that retain independent consultants in regulatory work.</p>
<p style="padding-left: 30px;">“The State’s agreement with Deloitte will serve as a new model for reforming the financial services consulting industry in New York as well as across the country,” Governor Cuomo said. “When tasked by government agencies to undertake regulatory work at financial institutions, it is critical for these consultants to remain autonomous and avoid conflicts of interest. Our homeowners, investors and economy are protected when independent consultants are truly ‘independent.”</p>
<p style="padding-left: 30px;">Benjamin M. Lawsky, Superintendent of Financial Services, said, “At times, the consulting industry has been infected by an 'I'll scratch your back if you scratch mine' culture and a stunning lack of independence. Today, we are taking an important step in helping ensure that consultants are independent voices – rather than beholden to the large institutions that pay their fees. Our aggressive work investigating and reforming the consulting industry is far from over and will continue in the days, weeks, and months ahead.”</p>
<p style="padding-left: 30px;"><strong><span style="text-decoration: underline;">DFS’s Investigation into Deloitte's Work at Standard Chartered</span></strong></p>
<p style="padding-left: 30px;">In 2004, Standard Chartered executed a joint written agreement with the New York State Banking Department (“the Department” – a DFS predecessor agency) and Federal Reserve Bank of New York (“FRBNY”), which identified several compliance and risk management deficiencies in the anti-money laundering and Bank Secrecy Act controls at Standard Chartered's New York branch. The agreement required Standard Chartered to retain a qualified independent consulting firm to review anti-money laundering issues at the bank. Standard Chartered engaged Deloitte to conduct that review.</p>
<p style="padding-left: 30px;">DFS’s investigation into Deloitte’s conduct during its consultant work at Standard Chartered found that the company:</p>
<ul class="pressmargin" style="padding-left: 30px;">
<li style="padding-left: 30px;">Did not demonstrate the necessary autonomy required of consultants performing regulatory work. Based primarily on Standard Chartered's objection, Deloitte removed a recommendation aimed at rooting out money laundering from its written final report on the matter to the Department. The recommendation discussed how wire messages or “cover payments” on transactions could be manipulated by <keyword id="6368751" type="PERSON" weightage="60" keywordseo="Banks">banks</keyword> to evade money laundering controls on U.S. dollar clearing activities.</li>
<li style="padding-left: 30px;">Violated New York Banking Law § 36.10 by disclosing confidential information of other Deloitte clients to Standard Chartered. A senior Deloitte employee sent emails to Standard Chartered employees containing two reports on anti-money laundering issues at other Deloitte client banks. Both reports contained confidential supervisory information, which Deloitte FAS was legally barred by New York Banking Law § 36.10 from disclosing to third parties.</li>
</ul>
<p style="padding-left: 30px;"><strong><span style="text-decoration: underline;">Deloitte Agreement</span></strong></p>
<p style="padding-left: 30px;">To resolve the misconduct, lack of autonomy, and violations of law at Deloitte uncovered during DFS's investigation, Deloitte has agreed to:</p>
<ul class="pressmargin" style="padding-left: 30px;">
<li style="padding-left: 30px;">voluntary, one year suspension from conducting consulting work at firms regulated by DFS;</li>
<li style="padding-left: 30px;">Make a $10 million payment to the State of New York;</li>
<li style="padding-left: 30px;">Establish and implement a new set of safeguards to address conflicts of interest in the consulting industry. DFS intends to use these standards as a new model that will govern independent consulting firms that seek to be retained or approved by DFS. When a financial institution engages an independent consultant pursuant to an agreement or order by DFS, the following code of conduct will apply:<br />
<ul style="padding-left: 30px;">
<li style="padding-left: 30px;">Disclosure of Past Work that Could Represent Potential Conflicts of Interest. The financial institution and the consultant will disclose to DFS all prior work by the consultant for the financial institution in the previous three years.</li>
<li style="padding-left: 30px;">Declaration of Independence Provision. The engagement letter between the consultant and the financial institution shall require that the consultant's ultimate conclusions and judgments during its work will be based upon the exercise of its own independent judgment – rather than that of the financial institution.</li>
<li style="padding-left: 30px;">Anti-tampering Provisions. The consultant's final report shall contain a listing of all of the personnel from the financial institution who substantively reviewed or commented on drafts of the findings, conclusions, and recommendations to be included in the final report. The consultant will also bring any disagreement over a material matter between itself and the financial institution to DFS's attention.</li>
<li style="padding-left: 30px;">Records of Recommendations Financial Institutions Failed to Implement ('Anti-Sweeping-Under-the-Rug' Provision). The consultant and financial institution shall maintain records of recommendations to the financial institution that the financial institution did not adopt, and provide such records to DFS.</li>
<li style="padding-left: 30px;">Monitoring the Monitor, Independent Lines of Communication. DFS will meet regularly – at least monthly – with the independent consultant. The financial institution will consent that contacts between the Consultant and DFS may occur outside of the presence of the financial institution.</li>
<li style="padding-left: 30px;">Protecting Confidential Information. The consultant shall have in place policies and procedures designed specifically to maintain the confidentiality of bank supervisory material.</li>
</ul>
</li>
</ul>
<p><span style="line-height: 22.5px;">Here's a statement from Deloitte sent to Business Insider: </span></p>
<p style="padding-left: 30px;">As a leading professional services firm, Deloitte has an important responsibility to continually elevate the standards that govern our work and that of our profession.</p>
<p style="padding-left: 30px;">As such, Deloitte FAS has voluntarily entered into an agreement with the New York Department of Financial Services that resolves DFS’ inquiry into Deloitte FAS’ role in the 2004-2005 Standard Chartered Bank matter. </p>
<p style="padding-left: 30px;"><span style="text-decoration: underline;"></span></p>
<p style="padding-left: 30px;">We are pleased that, as the agreement states, a thorough investigation by DFS found no evidence that Deloitte FAS knew of, or aided, abetted or concealed any alleged violation of law by SCB.</p>
<p style="padding-left: 30px;">Deloitte FAS looks forward to working constructively with DFS to establish best practices and procedures that are ultimately intended to become the industry standard for all independent consulting engagements under DFS’ supervision.</p>
<p style="padding-left: 30px;">It is important to note that, as the agreement also states: “This is not intended to affect engagements performed by any Deloitte entity other than Deloitte FAS.  Neither the fact of this agreement nor any of its terms is intended to be, or should be construed as, a reflection of any of the other practices of Deloitte-affiliated entities.”</p>

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.youtube.com/watch?v=mos0s0lZoY8">Screenshot Youtube/Movie Night</a></span></p></div><p></p></div></div>All of Britain's banks will face devastation in the event of a Brexit, apart from Standard Chartered, says research firm Bernstein.</p><p>Earlier on Wednesday, <a href="http://uk.businessinsider.com/eu-referendum-bernstein-note-on-the-impact-of-brexit-on-uk-banks-2016-6">analysts from Bernstein released an in-depth note looking at the effects that a potential Brexit</a> could have on the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s banking system.</p><p>In short, it would be pretty awful - incomes would fall substantially, the debt banks hold would get riskier, and things would generally be rubbish.</p><p>Almost all UK banks would face big problems, with mainstream high street lenders bearing the brunt of the problems.</p><p>But according to Bernstein, there is one bank based in the UK that could avoid the worst of the Brexit backlash, and could actually be a pretty good bet in the short term following a leave outcome in the referendum.</p><p>That bank is Standard Chartered, the FTSE 100 listed firm focused on emerging markets. The reason for Bernstein's faith in the bank is its lack of exposure to the UK market, despite being based in Britain.</p><p>Standard Chartered has no retail operations in Britain, and its business focuses mainly in the Middle East, Africa, and Asia. For this reason, Bernstein notes that the best trade on UK banking stocks right now is to go long on Standard Chartered - essentially betting on it going up in the future.</p><p>It added that while Standard Chartered will come off virtually unscathed, the biggest worries for Britain's banking sector in the event of Brexit will be Barclays and Lloyds.</p><p>"It's also clear from our analysis that BARC has the highest beta to Brexit - it's the lowest capitalised bank in the UK with the highest gearing to both Unsecured, Investment Banking and London per se, which is likely to see the brunt of the pain," say Bernstein's analysts.</p><p>While Brexit does not look like it is hurting Standard Chartered in the short-term, the bank is facing other problems, with CEO Bill Winters angrily speaking of the "cancer" of "employees lending money to other employees at very high-interest rates," within the bank <a href="http://uk.businessinsider.com/standard-chartered-ceo-comes-down-hard-on-banks-cultural-cancer-2016-6">earlier this week</a>.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/financial-adviser-first-question-fiduciary-2016-6">The most important question you should ask before hiring a financial adviser</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BtNWZ2MzE648d75KJjZuMeDMI-faHYUo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Only one British bank will escape devastation if there is a Brexit

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/mishism/5371077178/in/photolist-9bCb7W-e5Y8cB-dZ6gAP-GmFXj-4RLoPV-75eDUd-797NUX-8PCwt2-e72r4y-9bz5wc-oHe4zJ-WhRCB-5cTWkv-8ZVNgZ-bK3XXz-ga4LiK-86k7XP-g5zCmT-75aNEZ-6SWANE-4rDFVJ-HxCam-oftCkG-7jD2o4-8coJ8G-9ovSAj-6ZvjUt-8mxzUT-6GEdMm-bBcodV-bBaMae-bBcmW2-bohtsJ-3mLkT-7d5PVK-8hjnBH-8z2e3e-dNXak5-4RGG5H-7NxkmJ-dYdNFB-nb9fUv-a7UdjF-8oDJP4-6Au4jB-8z5B1s-8Cw1ja-9rnvtc-bBcmyM-df6Dfx">Mish Sukharev/Flickr</a></span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Haroon Sana, European head of fixed-income sales and global head of rates sales at Standard Chartered, just left the company after almost two years at the UK bank.</strong></li><li><strong><span>Standard Chartered declined to comment.</span></strong></li></ul><p>Haroon Sana, European head of fixed-income sales and global head of rates sales at Standard Chartered, just left the company after almost two years at the UK bank, a person familiar with the move told Business Insider.</p><p>Sana left this year and was based in London, the person said.</p><p>Sana was <a href="https://news.efinancialcareers.com/uk-en/277089/haroon-sana-deutsche-bank-standard-chartered">reportedly</a> head of global rates sales at Deutsche Bank back when Anshu Jain was still CEO. He has also worked at Morgan Stanley and Merrill Lynch. He joined Canada's Scotiabank in London in mid-2015, before joining <span>Standard Chartered as head of European sales and global head of rates sales in April 2017. </span></p><p>Concerns about a Chinese economic slowdown and the trade war between the US and China have weighed on the bank, which operates in about 60 countries, the Financial Times <a href="https://www.ft.com/content/153c1cfc-1b3a-11e9-b93e-f4351a53f1c3">has said</a>. China and Hong Kong is the lender's most important region, where it makes 40% of its sales.</p><p><span>Standard Chartered declined to comment.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/the-world-economic-forum-founder-shares-the-biggest-threat-to-the-economy-davos-2019-1">The founder of the World Economic Forum shares what he sees as the biggest threat to the global economy</a></h3>        <div>                    </div>    </div>

Standard Chartered's head of fixed-income sales in London just left

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Standard Chartered just promised to make some radical changes to the bank after <a href="Standard%20Chartered%20confirmed%20in%20its%202014%20results%20statement%20that%20profit%20before%20tax%20tanked%2025%%20to%20£3.4%20billion,%20compared%20with%20£4.6%20billion%20is%20recorded%20in%202013.%20">the emerging markets lender reported a massive drop in profits.</a></p><p>The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> listed bank, which actually derives 90% of its profits from Asia and originally reports in US dollars, said "<a href="https://www.sc.com/en/news-and-media/news/global/2015-03-04-full-year-results-2014.html">profits are down but there's a plan of action.</a>"</p><p>Today, Standard Chartered confirmed in its 2014 results statement that p<span style="line-height: 1.5em;">rofit before tax tanked 25% to £3.4 billion, compared with £4.6 billion is recorded in 2013. </span></p><p><span style="line-height: 1.5em;">"<a href="http://www.investegate.co.uk/standard-chrtrd-plc--stan-/rns/final-results---part-1/201503040815024900G/">2014 was a challenging year and our performance was disappointing</a>, but it was also a year when we took decisive action to refocus our strategy and to reposition the Group for the future and to restore shareholder value," said<span> the chairman of Standard Chartered, Sir John Peace, in a regulatory statement.</span></span></p><p><span style="line-height: 1.5em;">In a bid to calm investors' nerves and get the banking behemoth back to profitability, Standard Chartered unveiled a range of cost cutting measures.</span></p><p><span style="line-height: 1.5em;">It said it planned to cut costs by £260 million by the end of 2015 and £1.2 billion in total within the next three years. It also aims to reduce its headcount by the end of the year, even though it cut around 2,000 job cuts in the last three months of 2014.</span></p><p><span style="line-height: 1.5em;">It currently employs over 70,000 people across 71 countries.</span></p><p><span style="line-height: 1.5em;">Standard Chartered also revealed that it will exit "15 underperforming and non-strategic businesses" and make a change to its leadership.</span></p><p>This includes replacing Standard Chartered's CEO Peter Sands by Bill Winters, the man who was <a href="http://uk.businessinsider.com/standard-chartered-just-replaced-its-ceo-with-jpm-jamie-dimons-reject-2015-2">famously sacked by Jamie Dimon for flagging up the massive trading risks</a> JPMorgan was taking years ago.</p><p><span>"We are reshaping the Bank to respond to the way our world has changed and to ensure we fulfil our aspiration to bank the people and companies driving trade, investment and the creation of wealth across Asia, Africa and the Middle East," said Sands in the results statement. "I leave Standard Chartered proud of what we have achieved and confident about what the future holds for this extraordinary institution."</span></p><p><a href="http://uk.businessinsider.com/standard-chartered-just-replaced-its-ceo-with-jpm-jamie-dimons-reject-2015-2#ixzz3TPDNv1pT">Sands has held the post of CEO since 2006</a>. However, after two years of problems at the lender, <a href="http://uk.reuters.com/article/2013/08/06/us-stanchart-results-idUSBRE97509A20130806">including a £644 million Korean unit writedown</a>, job cuts and £39 billion in loans to commodities companies that are being hit by the 50% slump in oil prices, Sands announced his resignation at the beginning of the year.</p><p>However, investors seem happy with the plan. Especially since Standard Chartered is keeping its dividend per share at the same level as 2013, at 86.00 cents (56 pence) per share.</p><p>The Standard Chartered stock is shot up over 5.6% within the first two hours of trading.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/largest-ice-glacier-calving-filmed-2015-1">This Video Of The Largest Breakage Of Ice From A Glacier Ever Filmed Is Absolutely Frightening</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NqbHJucjpzcqR3obKs3FqeMQRi8yolxr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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