Standard Chartered PLC (LON:STAN) has been facing strong headwinds from the global mining industry.
In 2010, Standard Chartered lent out $60 million to London Mining PLC for its leading mine in central Sierra Leone. This was in lieu of the British bank’s decade-long goals to make its mark in the high-risk yet high-potential mining sectors in Africa and Asia.
New York has banned Standard Chartered Bank from accepting new dollar clearing accounts without the state's approval after the London-based firm failed to improve money laundering controls. Standard Chartered's Hong Kong subsidiary has also been suspended from high-risk retail dollar clearing, and will be forced to end high-risk client relationships at its United Arab Emirates branches.