Standard Chartered's Byron Grote shows faith after shares slide

31st Oct 2014 10:39

Standard Chartered non-executive director Byron Grote gave a show of support for the financial services group after its share price slumped.The director purchased 10,000 at 952.30p apiece, spending a total of £95,230.The Asia-focused lender on Tuesday reported a 21% drop in commercial client revenues to $294m, while a 4.1% increase in expenses pushed operating profits lower to $1.99bn.Third quarter profit before tax decreased by 16.4% to hit $1.53bn.Later in the week shares continued to decline amid reports US prosecutors have re-opened their investigations into whether the lender withheld information into the possible violation of the sanctions regime on Iran.It comes after the lender entered into a deferred prosecution agreement in 2012.The shares have fallen around 16%, or 179.2p, this week.Grote's stake in the company now stands at 25,000 shares. Top Director BuysSymphony International Holdings Ltd. (SIHL) Director name: Mr Anil ThadaniAmount purchased: 361,000 @ $0.79 Value: $286,092Standard Chartered (STAN) Director name: Mr Byron Elmer GroteAmount purchased: 10,000 @ 952.30p Value: £95,230Unilever (ULVR) Director name: Mr Byron Elmer GroteAmount purchased: 500 @ 2,482.29p Value: £12,411Unilever (ULVR) Director name: Mr Byron Elmer GroteAmount purchased: 500 @ 2,471.47p Value: £12,357Minds + Machines Group Limited (DI) (MMX) Director name: Mr Michael Salazar Amount purchased: 150,000 @ 10.50p Value: £15,750