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Standard Chartered Bank to transfer Singapore ops to local unit

U.K.-based Standard Chartered Bank disclosed plans to consolidate its commercial banking, corporate and institutional banking and private banking businesses in Singapore, saying the move reflects "its long-term commitment" to the Southeast Asian country.

The businesses, which are currently operating under Standard Chartered Bank - Singapore Branch, will be transferred to Standard Chartered Bank (Singapore) Ltd., subject to legal and regulatory approvals. The transfer is expected to complete in the next 12 to 18 months.

Standard Chartered Plc is the ultimate parent of Standard Chartered Bank.