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StanChart to consolidate Singapore operations into local subsidiary

FILE PHOTO: A logo of Standard Chartered is displayed at the financial Central district in Hong Kong, China November 23, 2017. REUTERS/Bobby Yip/File Photo

LONDON (Reuters) - Standard Chartered <STAN.L> said on Thursday it will fully consolidate its operations in Singapore into its local subsidiary, reinforcing its commitment to the country.

The bank said it expects its commercial banking, corporate and institutional banking and private banking businesses, which currently operate within in the group's Singapore branch, will be transferred to the unit within the next 12 to 18 months.

Judy Hsu, StanChart's chief executive officer for Singapore and ASEAN markets, said the country is a key gateway to other markets in the region.

Singapore is the bank's regional hub for Asia. The bank's decision to consolidate its activities in the country also reflects a trend among global banks to capitalise their local units to insulate them more effectively from failure at the parent bank.


(Reporting by Emma Rumney, editing by Sinead Cruise)