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StanChart to infuse US$2.5B capital into Singapore unit

Standard Chartered PLC plans to inject more than US$2.50 billion in common equity Tier 1 capital into Standard Chartered Bank (Singapore) Ltd. as part of a business transfer, The Business Times reported March 20.

The locally incorporated unit, which runs the bank's retail banking business, will add commercial banking, corporate and institutional banking and private banking businesses to its portfolio once the transfer is complete by May 13.

The business transfer is aimed at cutting operational costs and process complexity as well as improving efficiency.