SINGAPORE - Standard Chartered Bank (StanChart) announced on Thursday (Feb 22) it will fully consolidate its business operations in Singapore into its locally incoporated subsidiary, highlighting, it said, the country's importance as a strategic hub and reinforcing its long-term commitment to the Asean market.
StanChart's commercial banking, corporate and institutional banking and private banking businesses - currently operating under Standard Chartered Bank, Singapore Branch - will be transferred to Standard Chartered Bank (Singapore) Limited.
StanChart said the move will not affect the level of service its clients currently receive, and will work to minimise any impact on accounts and dealings.
The process is expected to take some 12 to 18 months, the bank added in a statement.
"We are one of the first international banks to operate in Singapore, and have been here for 159 years," said Judy Hsu, StanChart chief executive officer, Singapore and Asean markets. "As a key gateway to other Asean markets, Singapore's strategic location has enabled us to seamlessly support clients as they expand overseas."
StanChart transferred its retail banking and business banking businesses, together with part of its commercial banking business, to its Singapore unit when it was incorporated in 2013.
The wholly-owned subsidiary will continue to hold a full bank licence with Qualifying Full Bank privileges, said StanChart.