Standard Chartered’s chief executive Peter Sands has flown to New York to take personal control of the bank’s attempts to reach a settlement with US regulators over allegations it hid transactions involving Iran.
Sands is also ready to attend a hearing set for Wednesday at which the London-based bank has been told by the New York banking regulator that it must demonstrate why its state banking licence should not be revoked over the transactions.
A Standard Chartered spokesman said the bank was waiting to hear from the Department of Financial Services what form the hearing will take.
“Peter is happy to go if that’s appropriate,” a StanChart spokesman said on Tuesday.
Sands will work with the bank’s lawyers, who are attempting to negotiate a settlement over the issue with US authorities, the spokesman said.
Last week, New York’s Financial Services superintendent Benjamin Lawsky alleged the bank had hidden Iran-linked transactions worth $250 billion and called it a “rogue institution” for breaking US sanctions.
With its shares having lost nearly 15% of their value, the bank has come under pressure from shareholders to settle early rather than engage in a legal battle.