StanChart Bank has its cup of woes brimming. US regulators have fined it USD 300 mn on Anti-Money Laundering charges.
The bank has been fined several times in the past, the result being its stock declining 34% in 15 months.
Two years ago it paid USD 667 mn as fine for violating sanctions on Iran.
So lessons have remained lessons and have not been learnt.
Stanchart’s downward spiral has also affected the results of Temasek Holdings, the sovereign wealth fund of Singapore.
Temasek has 18% stake in Stanchart.
Shall I tell you a joke ? Fitch, one of the leading rating companies in the world, has given AA+ rating to StanChart indicating that it has a stable outlook.