An investigation by the Financial Times suggests Standard Chartered could face further fines for breaching US sanctions, having already paid nearly $1 billion to US authorities for sanction breaches and compliance failures.
"Documents seen by the FT suggest that StanChart continued to seek new business from Iranian and Iran-connected companies after it had committed in 2007 to stop working with such clients. These activities include foreign exchange transactions that, people familiar with StanChart operations say, would have involved the US dollar. The documents suggest the bank -- a few months after a costly settlement with US authorities in 2012 -- was still internally reviewing its client list and was unable to determine in certain cases whether customers were Iranian or not," the newspaper reported.
Meanwhile, Bank of America shareholders will vote tomorrow on whether to allow Brian Moynihan to keep his dual title of chairman and chief executive. The bank is looking to keep him in both roles, but investors reacted angrily to the CEO's appointment as chairman last year.
SBI Cards, the credit card-issuing joint venture between State Bank of India and GE Capital has seen the e-commerce share in its total transactions double to 45 percent in the last year. As reported by Lafferty News last week, GE Capital is pulling out of the business and a number of parties have been linked with buying its stake in the country's third-largest credit cards issuer.
Speaking to the Times of India, SBI Cards' CEO Vijay Jasuja would not be drawn on the matter of who might take up GE Capital's stake. "There is no official position on that. Once there is something, we will make that public," he said.
In Nigeria, banks are looking at reviewing their business models to counter the threat to their income posed by the introduction of the Treasury Single Account last week. As of last week, all government agencies must hold only one bank account (with the central bank) — a move which could take as much as 10 percent out of banking sector deposits.
According to Nigerian newspaper THISDAY, some banks are considering structural changes to improve their deposit mobilisation strategies under new business models "This is manifested in the deployment of experienced marketing staff to target market while some others have decided to relax rules on account opening while considerations are said to be on the way for the introduction of attractive rates for deposits," THISDAY reported.
HSBC, which has plans to cut its global workforce by up to 50,000, is to add 4,000 jobs in China over the next four years to grab more market share for its retail banking and wealth management businesses in the Pearl River Delta region.
The bank already has 13,000 employees in the region and aims to increase its pre-tax profit there to $1 billion within five years from $100 million last year.
According to Business Times, the Serious Fraud Office (SFO) in the UK is to send out a number of orders for people to attend court to face charges in connection to the manipulation of the euro interbank offered rate, or Euribor, by the end of this month. This follows interviews with a number of former bankers by the SFO.
Also in the UK, the British Bankers' Association (BBA) and PwC have issued a report saying the UK banking sector contributed an estimated total of £31.3 billion in taxes last year.
The BBA warned that complex levies posed risks to jobs and growth in the sector.
Meanwhile, it was reported over the weekend that Williams and Glyn has hired an executive training firm to coach its senior executives ahead of a planned IPO next year.
Finally, the Czech Republic's central bank has revealed that as of the end of June, Czech banks raised their net profits by 1.6 billion korunas ($67 million) year-on-year to 37.46 billion korunas ($1.6 billion.
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