£770m share buyback

STANDARD Chartered is preparing to return £770m to investors in a longawaited share buyback.

The banking giant is thought to be planning the bonanza as investors lose patience with chief executive Bill Winters amid a continued decline in its share price, according to The Sunday Times.

If the proposals are approved by the Prudential Regulation Authority, Standard Chartered will be able to start buying back shares as early as July – its first share buyback in nearly two decades.

The plans come just days after Standard Chartered was fined £828m following long-running claims it broke sanctions in Iran.