StanChart quits Thai retail banking
BANGKOK • Standard Chartered plans to transfer its Thai retail banking business to Thailand's Tisco Financial Group next year, exiting an operation that the British lender said lacked the scale to generate adequate returns.
The net asset value is about 5.5 billion baht (S$220.9 million), according to a stock exchange filing by Tisco yesterday which did not disclose a price for the deal.
Standard Chartered will continue to operate corporate, institutional and commercial banking businesses in Thailand, but the small size of the retail operation made it "increasingly difficult to achieve the returns that we aspire to", the lender's Thai head, Mr Plakorn Wanglee, said in a press release.
The Asia-focused lender is targeting a turnaround after posting last year its first annual pre-tax loss since 1989. The deal is subject to approvals.
Hyundai axes US CEO amid poor sales
WASHINGTON/SEOUL • Hyundai Motor's top US executive, Mr Dave Zuchowski, has resigned effective immediately.
It is the latest shake-up of the South Korean car manufacturer's management ranks, as it tracks towards its fourth consecutive year of profit declines.
The abrupt resignation comes after the replacement of Hyundai Motor's sales chief in South Korea and its China head in the past three months.
The firm looks likely to miss global sales targets for the second year running.
Hyundai and affiliate Kia Motors, together the world's fifth-largest car manufacturer by sales, once set the global pace but have been hit by a slowdown in emerging markets and the industry's shift away from its mainstay sedans.