Standard Chartered is preparing to create new Asian hubs in Hong Kong and Singapore in a bid to more efficiently manage assets and capital.
London-based Standard Chartered was designated a systemically important bank in Singapore in February 2018. Now the bank plans to bring together a number of Southeast and South Asian countries under a new Singapore subsidiary. The move could take effect as early as 2019, according to a report by «Bloomberg».
In North Asia, the bank may amalgamate several subsidiaries in countries such as South Korea into a Hong Kong branch, sources told «Bloomberg». Potential options for the new entities include regional listings.
Economic growth in China and Hong Kong helped Standard Chartered to an encouraging first-quarter result. The bank also attracted significant amounts of net new money. Growth in the greater China region and in North Asia, particularly in Hong Kong, as well as retail banking in general boosted its profit.
