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StanChart; Sanctions Story In UK Press, Unlikely To Be Credit Mover

FINANCIALS

UK Sunday Times reporting StanChart (STAN LN) involved in sanctions-busting Iran trade. Unlikely to be credit mover.


  • Story appears to be that STAN banked a Chinese firm that traded with Iran via Indian intermediaries. Value of trades reported at GBP2.1m.
  • There was a recent FT article citing Santander and Lloyds also involved with Iranian sanctions issues so a small spate ongoing.
  • Litigation risk is nothing new for these banks and STAN already carries something around USD100m in “other provisions” covering legal matters and is well used to dealing with US authorities on this.

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