HSBC discussing settlement with US regulators

24th Aug 2012 09:49

As US regulators turn up the heat in accusations of international banks that have allegedly laundered funds of sanctioned nations, global lender HSBC appears to be looking for a way out. The bank is apparently in talks with the Manhattan District Attorney to reach a settlement as early as September, according to Bloomberg sources. Standard Chartered already agreed to pay $340m to settle claims of hiding transactions. HSBC already set aside $700m back in July as a provision against such fines. If Europe's largest bank actually paid the entire amount it would be the largest US settlement over such accusations so far.HSBC was trading down 1.00% at 553.50p on Friday morning.JM