Standard Chartered CEO takes charge of Iran probe talks

(REUTERS) - Standard Chartered's chief executive Peter Sands has flown to New York to take personal control of the bank's attempts to reach a settlement with United States (US) regulators over allegations it hid transactions involving Iran.

Mr Sands is also ready to attend a hearing set for Wednesday at which the London-based bank has been told by the New York banking regulator that it must demonstrate why its state banking license should not be revoked over the transactions.

A Standard Chartered spokesman said the bank was waiting to hear from the Department of Financial Services (DFS) what form the hearing will take.

"Peter is happy to go if that's appropriate," a Standard Chartered spokesman said on Tuesday.