SINGAPORE (Reuters) – Standard Chartered is looking to sell its retail business in the Philippines, part of a wider bid by embattled CEO Peter Sands to cut costs and shrink the bank’s asset base, a person with direct knowledge of the matter said.
The London-listed bank, which entered the Philippines in 1872, would continue to operate its corporate banking business in the country to focus on top clients such as San Miguel , the nation’s biggest conglomerate, the source said.
A spokesman for Standard Chartered said the bank would “not comment on speculation”.
Standard Chartered currently has five branches and over 500 employees in the Philippines, according to its website. Two-thirds of those employees are in its retail business, the source said.
(Reporting by Saeed Azhar; Additional reporting by Karen Lema and Jerome Morales in MANILA and Lawrence White in HONG KONG; Editing by Lisa Jucca and Miral Fahmy)
StanChart considering sale of Philippines retail unit - source
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