FRANKFURT, Dec 16 (Reuters) – Germany’s financial market regulator BaFin said on Tuesday that it was ordering the German unit of Standard Chartered to fix organisational deficiencies and hold more capital following an audit earlier this year.
“Business organisation was not compliant in some of the areas audited.
This affected the processes for granting loans and determining risk-bearing capacity,” BaFin said.
The bank said in a statement that it took the matter seriously and was cooperating with BaFin.
“We … have already implemented corrective actions to ensure we fulfil all aspects of the remediation within the timeframe set by the regulator,” it said.
(Reporting by Tom Sims, editing by Thomas Seythal and Miranda Murray)
