- POSTED: 07 Oct 2013 23:02
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Standard Chartered Bank has finally "gone local", in the words of CEO Ray Ferguson. The bank completed the transfer of its Singapore consumer banking retail and SME banking business to a locally incorporated subsidiary on Monday.
SINGAPORE: Standard Chartered Bank has finally "gone local", in the words of CEO Ray Ferguson. The bank completed the transfer of its Singapore consumer banking retail and SME banking business to a locally incorporated subsidiary on Monday.
The bank said this reaffirms its long standing commitment to Singapore, where it has a total paid up capital of S$2.4 billion.
Singapore is the second biggest contributor to the group's income and profit.
Standard Chartered will minimise changes to its Private Bank and Wholesale Banking businesses, which will continue to operate under the Singapore branch of Standard Chartered Bank.
Mr Ferguson said a local subsidiary will help the bank achieve its other aspirations.
"One of the advantages of being a local subsidiarised bank is that over time we believe we will have additional options and distribution vis a vis our other competitors," he added.
Standard Chartered bank has been in Singapore for more than 150 years and it was the first bank that brought the ATM to Singapore. With the incorporation of its subsidiary, the bank hopes to serve more customers in Singapore.
As for growing its credit business, StanChart said it will continue to adhere to new rules and regulations imposed by the Monetary Authority of Singapore (MAS), such as the latest total debt servicing ratio (TDSR).
Mr Ferguson said: "Banks have been affected, but we support the idea that we have to have a responsible framework for credit in Singapore and this is all about the long-term stability of the financial sector in this country."
Going forward, Mr Ferguson said the bank wants to pursue more growth opportunities in the digital space.