"Our franchise in Singapore remains profitable, with a disciplined balance sheet and well-managed costs. We continue to be the second largest contributor to the group and a major driver of the performance in Asean and South Asia.

"We have a long history of banking the growing and internationalising companies in our markets. We have top-tier product platforms in wealth management, transaction banking, financial markets and yuan capabilities. We have distinctive bank-wide connections across borders and a great international network. We remain committed to Singapore, and we are going to build on those strengths across our network.

"Our commercial banking maintains strong relationships with our clients to support their business aspirations, especially their overseas expansion needs.

"In addition, we are sharpening our focus on enhancing our retail banking and private banking, and will further grow our wealth management platform and build on our leadership in the digital banking space.

"We will continue to invest into strategic opportunities where we see a competitive advantage and where we can grow with less capital. We are also investing US$3 billion globally in systems and processes which will enhance our productivity and efficiency and improve the way we deliver our services to our clients."

• Ms Judy Hsu is StanChart Singapore's chief executive