Standard Chartered Plc is looking to sell its retail business in the Philippines as the banking group seeks to cut costs and shrink its asset base, Reuters reported Tuesday, citing a source with knowledge of the matter.
StanChart, which entered the Philippines in 1872, will continue to operate its corporate banking business in the country to focus on top clients such as San Miguel, the report said.
The UK-based lender currently has five branches and over 500 employees in the Philippines. About two-thirds of the staff are said to be in the retail business division.
The planned divestment comes as StanChart’s chief executive Peter Sands is under pressure to reverse a two-year decline in the bank’s fortunes that have seen its shares lose 46 percent of their value in the last two years, the report noted.
Last month the group closed the bulk of its global equities business and said it will eliminate 4,000 jobs in retail banking.
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