Released 10:29 22-Feb-2018
STANDARD CHARTERED BANK
(incorporated with limited liability in England by Royal Charter 1853 with reference number ZC18)
STANDARD CHARTERED BANK (HONG KONG) LIMITED 渣打銀行(香港) 有限公司
(incorporated with limited liability in Hong Kong: number 875305)
in relation to the
U.S.$15,000,000,000 Notes, Certificates and Warrants Programme
Standard Chartered to fully consolidate its business in Singapore into its locally incorporated subsidiary - Move underscores the Bank's continued commitment to Singapore
Standard Chartered Bank (the 'Bank') has announced its intention to fully consolidate its business operations in Singapore.
Building a sustainable business in Singapore is a priority for the Bank. The Bank regards Singapore as an important market which presents many competitive advantages. This move reinforces its long-term commitment to this market, and highlights Singapore's importance as a strategic hub.
The Bank's Commercial Banking, Corporate & Institutional Banking and Private Banking businesses, which are currently operating in Standard Chartered Bank, Singapore Branch, will be transferred to Standard Chartered Bank (Singapore) Limited ('SCBSL'). In 2013, SCBSL commenced operations as a wholly-owned, Singapore-incorporated subsidiary of Standard Chartered PLC. At that time, the Bank transferred its Retail Banking and Business Banking businesses, as well as part of its Commercial Banking business to SCBSL.
Subject to legal and regulatory approvals, the transfer of these businesses is expected to complete in the next 12 to 18 months. SCBSL has been designated a Domestic Systemically Important Bank in Singapore and will continue to hold the Full Bank licence with Qualifying Full Bank privileges.
Judy Hsu, Chief Executive Officer, Singapore and ASEAN markets, said:
'We are one of the first international banks to operate in Singapore, and have been here for 159 years. As a pioneer bank in Singapore, we have played a significant role in shaping the financial landscape here. Consolidating our business operations underscores our continued commitment to this market. As a key gateway to other ASEAN markets, Singapore's strategic location has enabled us to seamlessly support clients as they expand overseas. We will continue to contribute to Singapore's growth and partner our clients to fulfil their personal goals and business ambitions.'
After the full consolidation of Commercial Banking, Corporate & Institutional Banking and Private Banking businesses into SCBSL, clients will continue to benefit from the same access to products, facilities and quality of service they currently enjoy. The Bank will work closely with clients and partners throughout the transfer to minimise any impact on their accounts and dealings with the Bank.
Securities issued by Standard Chartered Bank, acting through its Singapore Branch, under the U.S.$ 15,000,000,000 Notes, Certificates and Warrants Programme
Standard Chartered Bank (the 'Issuer'), acting through its Singapore Branch, has issued the Securities listed in the Annex hereto under its U.S.$ 15,000,000,000 Notes, Certificates and Warrants Programme (the 'Programme') which are listed on the Irish Stock Exchange and which have been admitted to trading on the Main Securities Market of the Irish Stock Exchange.
While the Issuer is willing to repurchase the Securities listed in the Annex, the Issuer intends to continue to meet obligations of its Singapore Branch in full.
FURTHER TO THE ABOVE, THE ISSUER INTENDS TO CONTINUE TO MEET OBLIGATIONS OF ITS SINGAPORE BRANCH IN FULL HOWEVER SECURITYHOLDERS ARE REQUESTED TO CONTACT THE ISSUER THROUGH THEIR USUAL CONTACT AT THE ISSUER OR USING THE CONTACT DETAILS SPECIFIED BELOW TO DISCUSS THIS TRANSITION WITH THE ISSUER.
Contact details:
Standard Chartered Bank, Singapore Branch
e-mail: SCBSL.FM@SC.COM
ANNEX
Securities Listed on the Irish Stock Exchange:
XS1717087297
XS1569843532
XS1568895046
XS1552003326
XS1523964903
XS1504344596
XS1502662387
XS1502332676
XS1478858654
XS1473529136
XS1459523525
XS1262191304
XS1252436222
XS1038309669
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
Standard Chartered plc published this content on 22 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 February 2018 18:11:08 UTC.
Original documenthttp://investors.sc.com/en/releasedetail.cfm?ReleaseID=1058309
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