Stanchart charts a new course in Singapore
Standard Chartered Bank will incorporate its Singapore consumer banking business here - a move aligned with the regulator's recent call for banks to ringfence the domestic business, and aimed at raising the local profile of its retail segment in its second-largest market.
Announced yesterday, the incorporation - which will cost the bank US$25 million - will make it the second foreign bank to incorporate its consumer banking unit in Singapore after Citigroup, which did so in 2005.
'It's a natural evolution, we've been here for more than 150 years,' said Ray Ferguson, CEO of Stanchart Singapore, at a press briefing, adding that this reflects the growing scale of its consumer banking business here.
'We're making a strong signal about our commitment to Singapore, and we look forward to being regarded more as a local institution, as the domestic banking landscape evolves over time.'
This evolution is tied to regulation, Mr Ferguson noted. The bank - which is domiciled in the UK - first reviewed this idea in June last year after the Monetary Authority of Singapore (MAS) highlighted benefits of a locally incorporated subsidiary.
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