Standard Chartered completes consolidation of its business in Singapore
The bank has completed the transfer of all its businesses in Singapore from the Bank’s Singapore Branch into its locally incorporated subsidiary, Standard Chartered Bank (Singapore) Limited.
Standard Chartered Bank today announces that it has completed the transfer of all its businesses in Singapore from the Bank’s Singapore Branch into its locally incorporated subsidiary, Standard Chartered Bank (Singapore) Limited (SCBSL).
The Bank’s Singapore Branch intends to return its full banking licence. After the return of the licence, the Singapore Branch will remain part of the Bank but will have a non-licensed bank structure.
Standard Chartered Bank (the “Issuer”), acting through its Singapore Branch, has issued Securities under its U.S.$ 15,000,000,000 Notes, Certificates and Warrants Programme which are listed on Euronext Dublin and which have been admitted to trading on the Main Securities Market of Euronext Dublin.
The Issuer believes there would not be any withholding tax impact on the Securities due to the return of the Singapore Branch’s banking licence and the Issuer intends to continue to meet obligations of its Singapore Branch in full.
However, security holders are requested to contact the issuer.
