9/21/2020 HSBC and StanChart shares tumble after reports show they moved suspicious funds

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ASIA M A RKETS

HSBC and StanChart shares tumble after reports

show they moved suspicious funds; Asia-Pacific
markets mostly lower
P U B L I S H E D S U N , S E P 2 0 2 0 2 0 • 7 : 3 7 P M E DT U P DAT E D 4 H O U R S AG O

Eustance Huang
@ E U S TA N C E H UA N G

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Hong Kong-listed shares of Standard Chartered and HSBC fell on Monday
after the banks — among several global lenders — were identified in reports
as having allegedly moving large sums of suspicious funds over a period of
nearly two decades, according to Reuters.

China’s one-year and five-year Loan Prime Rate (LPR) on Monday were kept
unchanged at 3.85% and 4.65%, respectively.

Markets in Japan are closed on Monday for a holiday.

SINGAPORE — Hong Kong-listed shares of Standard Chartered and HSBC tumbled

on Monday following reports that they allegedly moved large sums of suspicious
funds.

By Monday afternoon, shares of Standard Chartered tumbled 2.69% and HSBC fell
2.91%. Earlier in the trading day, shares of HSBC had fallen to a more than 25-year
low, according to FactSet. The moves came after the banks — among several global
lenders — were identified in media reports as having allegedly moved suspicious
funds over a period of nearly two decades, according to Reuters. The reports cited
confidential documents submitted by banks to the U.S. government.
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9/21/2020 HSBC and StanChart shares tumble after reports show they moved suspicious funds

“We do not comment on suspicious activity reporting,” HSBC said in a statement to

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CNBC. “Since 2012, HSBC has embarked on a multi-year journey to overhaul its
ability to combat financial crime across more than 60 jurisdictions.”

Standard Chartered, meanwhile, said in a statement: “The reality is that there will
always be attempts to launder money and evade sanctions; the responsibility of
banks is to build effective screening and monitoring programmes to protect the
global financial system.”

“We take our responsibility to fight financial crime extremely seriously and have
invested substantially in our compliance programmes,” Standard Chartered wrote.

The U.S. government is expected to pursue fines, Amber Hill Capital’s Jackson Wong
told CNBC’s “Street Signs Asia” on Monday. That means “more fine payments” for
HSBC and Standard Chartered, he said, adding that such litigations “will not go
away.”

Asia-Pacific markets mostly lower

Markets in Asia-Pacific were lower in Monday trade, with Hong Kong’s Hang Seng
index down 0.95%.

Mainland Chinese stocks also saw losses. The Shanghai composite was down 0.41%
while the Shenzhen component dipped 0.198%. China’s one-year and five-year
Loan Prime Rate (LPR) on Monday were kept unchanged at 3.85% and 4.65%,
respectively.

South Korea’s Kospi slipped 0.18%. Over in Australia, the S&P/ASX 200 shed
0.54%.

In Southeast Asia, however, the Straits Times index in Singapore advanced 0.23%.

Overall, the MSCI Asia ex-Japan index dipped 0.21%. Markets in Japan are closed on
Monday for a holiday.

TICKER  COMPANY  NAME  PRICE  CHANGE  %CHANGE 

.N225 Nikkei 225 Index NIKKEI 23360.30 40.93 0.18

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9/21/2020 HSBC and StanChart shares tumble after reports show they moved suspicious funds

TICKER  COMPANY  NAME  PRICE  CHANGE  %CHANGE 

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.HSI Hang Seng Index HSI 23950.69 -504.72 -2.06

.AXJO S&P/ASX 200 ASX 200 5822.60 -41.90 -0.71

.SSEC Shanghai SHANGHAI 3316.94 -21.15 -0.63

.KS11 KOSPI Index KOSPI 2389.39 -23.01 -0.95

.FTFCNBCA CNBC 100 ASIA IDX CNBC 100 9158.00 -57.08 -0.62

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at
92.776 after last week’s decline from levels above 93.3.

The Japanese yen traded at 104.29 per dollar after strengthening in the previous
trading week from levels above 105.6 against the greenback. The Australian
dollar changed hands at $0.732 after trading last week between levels above $0.732
and below $0.729.

Oil prices were

TRENDING NOWhigher in the afternoon of Asian trading hours, with international
benchmark Brent crude futures up 0.16% to $43.22 per barrel. U.S. crude
Nikola founder Trevor Milton to voluntarily step down as executive chairman
futures were 0.12% higher at $41.16 per barrel.

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Oracle can now claim
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9/21/2020 HSBC and StanChart shares tumble after reports show they moved suspicious funds

generation’ — TikTok and Zoom

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9/21/2020 HSBC and StanChart shares tumble after reports show they moved suspicious funds
Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and

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