Standard Chartered has become the latest UK bank to be accused of illegal activity. It has been accused by the New York department of financial services of hiding $250 billion worth of illegal transactions with Iranian banks between 2001 and 2010. The US regulator claims that the bank, which has wholesale banking, corporate finance and [...]
London-based emerging markets bank, Standard Chartered, has today posted half-year pre-tax profits of $3.6 billion (£2.2 billion) – a rise of 17% compared with the same period a year ago. The figures represented its ninth consecutive first half of record profits and beat expectations of $3.47 billion. The bank, which has a strong presence in [...]
London-based emerging markets bank, Standard Chartered, has today posted annual pre-tax profits of $6.122 billion (£3.76 billion) compared with $5.151 billion in 2009. The bank, which has a strong presence in Asia, said the rise was driven by a fall in loan impairment losses, which dropped 56% to $883 million. The bank has weathered the [...]
London-based emerging markets bank, Standard Chartered, has purchased GE Money’s specialist car and personal loans business in Singapore. The deal will further strengthen the Asia-focused bank’s operations in Singapore. While financial details were not disclosed, sources close to the transaction said the bank was paying “just under” one billion Singaporean dollars. The acquisition will be [...]
Banking giant Barclays is understood to be exploring a number of options that would boost its capital reserves, in order to meet new Basel III regulations. The Basel III rules recently agreed banks need to look to capitalise around 7% and Barclays is rumoured to be issuing a special bond that would enable it boost [...]
The bosses of Britain’s top six banks have revealed a £1.5 billion fund, designed to kick-start lending to small businesses. It was announced in August that the chief executives of Barclays, Royal Bank of Scotland, Lloyds Banking Group, Standard Chartered and the heads of the UK operations of HSBC and Santander, would address the shortage [...]
London-based emerging markets bank, Standard Chartered, has today announced plans to tap investors for £3.3 billion by selling fresh shares in the banking group. The cash call, which represents the biggest for the bank, comes after new Basel III regulations, which agreed how much equity banks must hold in reserve in order to prevent another [...]
London-based emerging markets bank, Standard Chartered, is looking to free itself from stricter regulations in Britain by considering relocating to the Far East. The bank, which already has a strong presence in the Far East, said relocation “is something we do look at but we have no plans to move.” According to The Times newspaper, [...]
Standard Chartered bank has today unveiled a 10% increase in profits for the half-year ending June 30. The bank, which has a strong presence in Asia, said pre-tax profit came in at £1.96 billion during the six month period, a rise from the £1.78 billion it made in the same period a year earlier. Commenting [...]
In a trading update today, London-based Standard Chartered bank said it is on target for a strong performance for the half-year ending June 30. Standard Chartered has weathered the downturn better than many of its rivals due to strong capital and liquidity and recently said it has had a “very strong start to the year [...]
London-based bank Standard Chartered today announced record first quarter profits and income. The bank, which has a strong presence in Asia, said wholesale banking showed robust results in the three months ending 31 March. In wholesale banking, which includes advisory, trade finance and other investment banking business, client income was up by more than a [...]
London-based bank Standard Chartered today announced a rise in pre-tax profits – meeting analysts expectations. The bank, which has a strong presence in Asia, said pre-tax profits in 2009 were £3.4 billion ($5.15 billion), a rise of 13% on 2008 figures. Meanwhile, revenue was up 9% to £10.14 billion ($15.18 billion). However, while many other [...]
London-based bank Standard Chartered today issued a positive statement and said it is on target for a record profit this year. The bank, which has a strong presence in Asia, said that in the 11 months to the end of November it had delivered a strong performance with “record levels of income and operating profit [...]
Barclays has confirmed a 3-year title sponsorship deal of the Premier League worth £82.25 million. The deal will run from the 2010-11 season until the end of the 2012-13 season. The banking giant has sponsored the Premier League since 2004 and their current three-year contract is worth £65.8 million, but expires next year. Barclays is [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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