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Report: StanChart to bring Asian ops under Singapore, Hong Kong hubs

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Report: StanChart to bring Asian ops under Singapore, Hong Kong hubs

U.K.-based Standard Chartered PLC is planning to bring its Asia-based operations under two main hubs in Singapore and Hong Kong to cut costs and simplify the company's extensive network, Bloomberg News reported June 5, citing unidentified sources.

The bank plans to combine as many as 10 Southeast and South Asian operations under a new Singaporean unit as soon as 2019, the sources said, adding that the non-China North Asian operations could be consolidated into a separate Hong Kong unit.

The plans are not final and could change, according to the sources.