160-year-old Standard Chartered may lose US licence over Iran dealings

Standard Chartered has seen £6bn (€7.46bn) wiped from its value amid fears it could lose its US banking licence after regulators branded the lender a “rogue institution” over its dealings with the Iranian government.

The 160-year-old bank saw shares plunge 16% after regulators claimed it exposed the US to terrorists and drug kingpins by hiding $250bn of transactions with Tehran.

The allegations will come as a shock given Standard’s reputation as a safe and sound bank, which described its approach as “boring” amid the turmoil engulfing the sector.