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Standard Chartered Welcomes Endorsement Of Basel III Reforms

LONDON (Alliance News) - Standard Chartered PLC on Thursday said it welcomed the announcement ...

Alliance News 7 December, 2017 | 5:09PM
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LONDON (Alliance News) - Standard Chartered PLC on Thursday said it welcomed the announcement by the Group of Central Bank Governors and Heads of Supervision of its of the endorsement of the outstanding Basel III post-crisis regulatory reforms.

The Asia, Africa and Middle East-focused bank said it will provide a preliminary assessment of the implications of the Basel III reforms in due course once it has had time to analyse the elements that have been announced.

The Basel III reforms are an internationally agreed set of measures developed by the Basel Committee on Banking Supervision in response to the financial crisis of 2007-09, and aim to strengthen the regulation, supervision and risk management of banks.

Chairman of the Group of Central Bank Governors and Heads of Supervision and President of the European Central Bank, Mario Draghi, said: "Today's endorsement of the Basel III reforms represents a major milestone that will make the capital framework more robust and improve confidence in banking systems."

"The package of reforms endorsed by the Group of Central Bank Governors and Heads of Supervision now completes the global reform of the regulatory framework, which began following the onset of the financial crisis," Draghi added.

Standard Chartered said it is well-capitalised with a strong and liquid balance sheet that demonstrated its resilience in the recent Bank of England stress test, and added that it had a Common Equity Tier 1 ratio of 13.6% as at the end of the third quarter of 2017.

Shares in Standard Chartered closed up 0.7% at 751.63 pence on Thursday.

By Gem Sofianos; gemsofianos@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Standard Chartered PLC 769.00 GBX -0.41
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