FRANKFURT (Reuters) – The German financial regulator BaFin said on Thursday that it had ordered the local operations of Standard Chartered to hold more capital, citing organisational flaws.
The German presence of Standard Chartered serves as the bank’s headquarters in the European Union.
The order for more capital was made on Nov. 16, BaFin said, and follows the regulator’s October announcement concerning flaws in the bank’s structure.
Neither BaFin nor the bank elaborated on the deficiencies.
“We take this matter very seriously and have already implemented corrective actions to ensure we fulfil all aspects of the remediation within the timeframe set by the regulator,” Standard Chartered said in a statement.
(Reporting by Tom Sims; Editing by Kirsten Donovan)
