Bank's shares rise on settlement
Standard Chartered's quick resolution of a New York money laundering investigation was in the best interests of shareholders, clients and employees, chief executive officer Peter Sands said in an internal memo today.
"Our past review did identify mistakes, for which we have apologised," Mr Sands told employees today, without elaborating on the specific errors.
Melissa Cheah, a Singapore-based spokeswoman for the lender, confirmed that Sands sent a memo to staff.
The lender settled the investigation for $340 million (€275 million), a day before it was to defend its right to operate in New York.
It still faces federal inquiries over claims it helped sanctioned nations including Iran illegally funnel money through the United States.
The lender is in talks with the other agencies, Mr Sands said in the note.
"There are many reasons why firms settle such agreements," Mr Sands said. "We have sought to act in the best interests of our shareholders, clients, customers and staff."
The company's shares rose as much as 5.1 per cent in London after the bank settled the money- laundering probe. The stock climbed 70 pence to 1,440 pence this morning, for a market value of about £34 billion pounds (€43 billion).
The stock fell as low was 1,228.50 pence after the fine was announced August 6.