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.
Standard Chartered has announced a dramatic change in its management following ongoing problems ranging from losses in commodities, loans, and fines. On Thursday, Standard Chartered PLC (LON:STAN) chief executive officer (CEO), Peter Sands, announced his decision to step down in June this year. Mr. Sands was pressurized by shareholders amid declining share price, demanding a change after two years of problems. Chairman John Peace will also be leaving the bank next year.
NEW DELHI: In a major management structure rejig, Standard Chartered Group today will divide its regional businesses across the world into four major regions instead of eight at present. Standard Chartered has divided its regional businesses under ASEAN & South Asia, including India; Africa & Middle East; Greater China & North Asia, and Europe & Americas. ASEAN and South Asia will be led by Ajay Kanwal, Africa & Middle East by Sunil Kaushal, and Ben Hung will head Greater China & North Asia region. Tracy Clarke would be chief for Europe & Americas.
ReutersSINGAPORE (Reuters) - Singapore's central bank said on Friday it imposed penalties on the local units of U.K.-based Standard Chartered Bank and Coutts for money laundering breaches related to Malaysia's scandal-tainted 1MDB fund.