Standard Chartered shares continue to rise
Standard Chartered shares continued to recover in mid-morning London trading today following the bank's settlement agreement with New York regulators.
Shortly after 10am, the scandal-hit bank's shares were trading 3.94% higher at 1,424.00 as investors reacted to the $340 million settlement.
The British bank saw £6 billion wiped from its value in the immediate aftermath of the allegations that it hid transactions with the Iranian government.
– Richard Hunter, head of equities at Hargreaves Lansdown StockbrokersThe quick and decisive action which Standard has shown in settling this initial claim, which itself is lower than anticipated, has resulted in a further spike to the share price in early trade.
The market will remain cautious until the extent of any further regulatory sanction is known, but in the meantime Standard appears to have taken its rap on the knuckles and is preparing to move on.
Standard Chartered reaches $340 million settlement
British bank Standard Chartered has reached a settlement with the New York regulator after claims it hid $250bn of transactions with Iran.
Cheap at half the price? Standard Chartered pays up
Why Standard Chartered has agreed to pay New York authorities a civil penalty of $340 million.