Standard Chartered

About Standard Chartered

Formed from the 1969 merger of Standard Bank of British South Africa and Chartered Bank of India, Australia and China. Standard Chartered focuses on Asia, Africa, and the Middle East. The bank operates in 59 countries, deriving most of its income from emerging markets. Standard Chartered was fined 340 million in 2012 for violating US sanctions against Iran. The New York State Department called the bank a rogue institution. The bank also faced scrutiny over money laundering controls. Standard Chartered weathered the 2008 crisis well but struggled with commodity loan losses in 2015 and 2016. The bank is a major issuer of trade finance letters of credit.