Briefs: NAB executive restructure, AMMB reports earnings growth, Ex-IM to increase funding

Standard Chartered agreed to pay US$340 million to settle a dispute with New York's banking regulator over financial transactions worth US$250 billion for Iranian clients. Standard Chartered will also hire an independent monitor, selected by the regulator, to work in its US office. Standard Chartered had previously asserted that no more than US$14 million in transactions were dubious.

National Australia Bank has dropped its UK chief executive, David Thorburn, from its executive committee. This will eliminate one aspect of Thorburn's work as NAB restructures its UK business and lets 1200 staff go. Thorburn will still report to the NAB CEO Cameron Clyne.

Alex Toone, the Sydney-based managing director of Credit Suisse has to join Commonwealth Bank. Toone was co-head of commodity sales for Asia at Credit Suisse. He will become the global head of commodities at CBA in October, The Australian reported.

AMMB Holdings, an associate of ANZ in Malaysia, reported a rise in earnings of 4.5 per cent to 449 million ringitt during the June 2012 quarter. Revenue rose three per cent. The charge for bad debts fell 108 million ringitt. ANZ reports its third quarter profit on Friday.

The Export-Import Bank of the United States plans to lend a further US$2 billion by either the end of this year or early 2013, the News Limited newspapers reported. Ex-Im Bank has already provided US$3 billion in funding this year for US producers of capital equipment and other services to support resource projects in Australia. Few US exporters to Australia drew on Ex-Im funding until recently.

Investors in debentures of Provident Capital will have to approve an amendment to the Trust Deed that will allow future - thought partial - distributions to be a return of capital, the receivers and managers of the firm told an information meeting on Monday. The receivers, from PBB Advisory, that 90 per cent of loans of the Sydney financier were in arrears and that 81 per cent of security properties for loans were in the possession of the financier. The Federal Court appointed PPB as receivers last month.