StanChart cuts Angolan banking relationships
LONDON (Reuters) - Standard Chartered Plc , the British bank with operations across Asia and Africa, has ended its dollar-clearing operations with commercial banks in Angola as part of its retreat from countries that it deems pose a higher risk.
Standard Chartered and many other major banks are pulling back from countries and cutting correspondent banking relationships where there are greater risks of financial crime or where they have a harder time monitoring clients.
"We have taken the decision to exit the U.S. dollar-clearing business and other offshore business we offer to Angolan commercial banks," the bank said in an emailed statement on Wednesday.
It said it has been reviewing its global correspondent banking relationships with a particular focus on banks it offers dollar clearing services to.
Standard Chartered was fined in 2012 for breaking U.S. sanctions related to Iran and remains under investigation by various authorities regarding sanctions and compliance with anti-money laundering rules.
The bank said it would continue to operate in oil-rich Angola and with its central bank and ministry of finance and on local kwanza clearing or other local interbank activities.
"We remain committed to Angola and to continuing and growing our business in the country, including our joint venture with Empresa Nacional de Seguros de Angola,” Standard Chartered said.
(Reporting by Steve Slater; Editing by Greg Mahlich)
