Standard Chartered says sorry

The boss of Standard Charted said allegations it hid $250 billion worth of transactions with Iran "came as a complete surprise". Peter Sands said the figure from the regulator was an estimate. It apologised for the $14m of mistakes they admitted to.

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Board changes at Standard Chartered

Standard Chartered will make changes to its board of directors after the bank this week agreed a settlement with regulators over allegations that it hid transactions with the Iranian government.

The boardroom overhaul is expected to affect non-executive directors, many of whom were appointed before the start of the financial crisis in 2008.

Standard Chartered's offices in the City of London. Credit: Press Association

But the bank denied the move is in response to investor discontent over claims by the New York State Department of Financial Services (DFS) that through its dealings with Iranian state-owned banks Standard had exposed the United States to terrorists, drug kingpins and weapons dealers.

The 160-year-old bank this week agreed a settlement of 340 million dollars (£217 million) over the Iran allegations.

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Sands: Iranian transactions 'in the 10s of millions of dollars'

The Sunday Telegraph's Business Editor Kamal Ahmed has tweeted:

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Peter Sands: DFS findings "contradicts information we have given them" #stanchart

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Peter Sands: gross revenues 2001-2007 from Iranian dollar transactions was "in the 10s of millions of dollars" not 100s #stanchart

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Standard Chartered: 'Completely disproportionate' to withdraw US banking license

The Sunday Telegraph's Business Editor Kamal Ahmed has tweeted:

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Peter Sands: 150 million payment transactions involving Iran, no evidence of any link to terrorist activity #stanchart

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Peter Sands: withdrawal of US banking licence would be "completely disproportionate" #stanchart

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Peter Sands: "This has clearly been very damaging. It would be unrealistic to pretend otherwise." #stanchart

Standard Chartered shares rebound

Shares open 6.5% up this morning. Yesterday they fell 17% Credit: Press Association

Shares in Standard Chartered opened 6.5% higher this morning, showing signs of recovery after their steepest one-day fall in decades.

Yesterday the bank was forced to deny allegations that they were laundering money for Iran.

The accusations, made by New York's State Department of Financial Services, seen the bank's share price tumble by more than 17%.

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