Standard Chartered CEO Says ‘No Grounds’ For Revoking License

And the expected denial is released.

"Standard Chartered Plc (STAN) Chief Executive Officer Peter Sands hit back at a New York regulator’s claims the bank broke U.S. sanctions, and said he saw “no grounds” for revoking the lender’s license.

“We reject the position and portrayal of facts by the Department of Financial Services,” Sands said on a conference call with reporters yesterday, his first public comments since the regulator’s report on Aug. 6. “It would be disproportionate and wholly inconsistent with the actions of other U.S. authorities in other sanctions matters” to revoke the bank’s New York license, he said.

A settlement of $700 million would match the amount that HSBC Holdings Plc (HSBA) set aside last month after a Senate committee found the bank gave terrorists, drug cartels and criminals access to the U.S. financial system." - http://www.bloomberg.com/news/2012-08-08/standard-chartered-ceo-sands-rejects-n-y-regulator-s-claims-1-.html

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