StanChart becomes largest foreign bank subsidiary here

Standard Chartered Bank's consolidation in Singapore was a complex process that involved moving US$45 billion (S$62 billion) of assets and liabilities, 3,000 people and thousands of client accounts across the commercial banking, corporate and institutiona
Standard Chartered Bank's consolidation in Singapore was a complex process that involved moving US$45 billion (S$62 billion) of assets and liabilities, 3,000 people and thousands of client accounts across the commercial banking, corporate and institutional banking, and private banking businesses into one company.ST FILE PHOTO
StanChart (Singapore) chief executive Patrick Lee says technology is a big driver for the lender to be more efficient.
StanChart (Singapore) chief executive Patrick Lee says technology is a big driver for the lender to be more efficient.PHOTO: LIANHE ZAOBAO

Move consolidates various businesses into one entity; puts it on a par with local lenders

The move by Standard Chartered Bank to consolidate its various businesses into one entity has made it the largest foreign bank subsidiary here.

StanChart transferred its commercial banking, corporate and institutional banking, and private banking businesses into local subsidiary Standard Chartered Bank (Singapore) earlier this month.

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A version of this article appeared in the print edition of The Straits Times on May 27, 2019, with the headline 'StanChart becomes largest foreign bank subsidiary here'. Print Edition | Subscribe