Standard Chartered completes local incorporation of subsidiary

Standard Chartered has completed the transfer of its Singapore consumer banking retail and small and medium-sized enterprise (SME) banking business to a locally-incorporated subsidiary.

At an inauguration event on Monday, StanChart Singapore chief executive officer Ray Ferguson said the decision to incorporate locally is a reaffirmation of the bank's strong commitment to the local market.

"Local incorporaton reflects the success, growing scale and significance of Standard Chartered's consumer banking business in Singapore," he said.

"In addition, we see further opportunities to grow our consumer banking business in Singapore and believe that local incorporation will help us achieve these aspirations."

The bank has formed a board for the new locally incorporated subsidiary, comprising six directors. Mr Jaspal Bindra, StanChart's Asia CEO, will chair the board.

StanChart's other businesses, such as private banking and wholesale banking, remain separate, under the Singapore branch of StanChart Bank.