STANDARD Chartered Bank will be injecting more than US$2.5 billion in common equity tier 1 capital into its locally-incorporated unit as part of a business transfer.
The new capital, together with the bank’s transition to advanced modeling for risk-weighted assets, will result in an approximate three times increase in the bank’s capital position, it said on Wednesday. After the exercise is completed, the local unit - Standard Chartered Bank Limited - will operate the bank’s commercial banking, corporate and institutional banking and private banking businesses. This is in addition to its retail banking business, which is currently operating under the unit.sentifi.comBy operating from a single entity, the group looks to increase efficiency, as well as reduce operational and process complexity.
When the move was announced in February 2018, 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 consolidation also follows StanChart Singapore’s incorporation as a subsidiary here in 2013, transferring its retail and business banking, as well as part of its commercial banking business, to the Singapore unit.
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