Standard Chartered set for extra $330m charge over Iran

UK-listed Standard Chartered has said it is close to agreeing a further $330m charge with US regulators to settle accusations it failed to comply with sanctions against Iran.

The settlement will be on top of the $340m paid to the New York Department of Financial Services in Q3, but will not stop the bank from posting an expected single-digit level of profit growth for 2012, Standard Chartered said. News of US regulators' accusations caused a sharp slump in the bank's share price in early August. Standard Chartered shares closed over 16% down on 7 August after regulators accused it of hiding up to $250bn worth of trades with Iran. The bank's share price has since recovered most of those losses, with many fund managers using the opportunity to buy into the...