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StanChart said to plan Asia split into Singapore, Hong Kong hubs

Bloomberg Published on Wed, Jun 06, 2018 / 7:21 AM GMT+8

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LONDON (June 6): Standard Chartered Plc plans to create two new hubs for its Asian operations in Singapore and Hong Kong to simplify the emerging market lender’s extensive network and reduce costs, people familiar with the plan said.

The bank has drawn up plans to consolidate as many as 10 Southeast and South Asian countries -- potentially including Indonesia and India -- under a new Singapore subsidiary as soon as next year, said the people, who asked not to be identified as the details aren’t finalized. Its intended to allow the bank to manage its assets and capital more efficiently and could potentially reduce the size of the emergency buffers regulators require the firm to maintain, one person said.

Standard Chartered is also consolidating some of its non-China North Asian countries such as South Korea into a separate Hong Kong subsidiary, said the people. The plans aren’t final and could change, the people said.