STATE BANK OF INDIA - State Bank of India reply to clarification sought by the exchange
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| 12 Aug 2015 | |
| The Exchange had sought clarification from State Bank of India with respect to news appearing in DNA on August 01, 2015 titled "Hong Kong fines SBI branch $1 mn for law lapses."<BR><BR>State Bank of India replied stating "The Exchange was not intimated of the regulatory action by Hong Kong Monetary Authority on SBI's Hong Kong Branch, as this event will not have any material impact on State Bank of India's present or future operation or its profitability or financials.<BR><BR>The regulatory action by the Hong Kong Monetary Authority (HKMA) is not considered to be material as the quantum of monetary penalty at HKD 7,500,000/- ( approximately Rs 6.17 crs.) is very small considering the size of our balance sheet and profits. Further, HKMA have very clearly stated in their order, hosted on their website, that there was nothing involving any actual money laundering transactions or breaches of sanctions by our Hong Kong operations. The control gaps related to the past and have since been remediated with appropriate enhancements in policies and procedures. HKMA have also acknowledged the very positive and intensive remediation work undertaken by the Branch. This being so the development is not expected to have any impact on our future operations or profitability or financials." | |
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