Stanchart India says it offers structured products only to eligible clients after report on lapses
Standard Chartered
on Wednesday denied lapses in its derivatives sales and said it offered
structured products
only to eligible clients in India after a Bloomberg News report that the lender was facing scrutiny from India's central bank.
Bloomberg reported, citing people familiar with the matter, that the
Reserve Bank of India
raised concerns about processes at the London-based lender following sales to small and medium-sized enterprises of
target redemption forwards
, a product that can cause significant losses.
Buyers of those contracts were not adequately informed about the risks involved, the report added.
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"We categorically refute the contents of the article ... specifically, there are speculative and inaccurate statements around lapses in (the) bank's derivative sale processes and risk controls,"
Standard Chartered India
's spokesperson said in a statement.
The Bloomberg report said that the
RBI
's review of Standard Chartered was ongoing, with a focus on derivative products and risk governance.
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"The bank offers structured products to only eligible client segments. Standard Chartered Bank maintains the highest levels of compliance, transparency and customer centricity," its spokesperson added.
The RBI did not immediately respond to Reuters' request for comment.
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