Standard Chartered continues FTSE recovery

Standard Chartered has continued its recovery on the FTSE 100 today (August 9th) after the bank categorically denied accusations of any involvement in money laundering with Iran.

Earlier this week, the major UK-based financier saw its share price plummet following allegations it had been involved in collusion worth billions of pounds with the Middle Eastern nation.

New York's State Department of Financial Services said that Standard Chartered's US division illegally covered up around 60,000 transactions it completed with Iran - valued at around $250 billion (£161 billion) for the last ten years.

However, Peter Sands, chief executive of the bank, has today vehemently denied this accusation, adding there are "no grounds" for the US regulator to take action against it.

"We were surprised in the manner of the announcement and that it was done without giving us any notice," he added.

And as of 14:53 BST, Standard Chartered's share price had risen by 3.34 per cent on the day to a price of £1,359.50.