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UPDATE 1-StanChart says no decision yet on Swiss private bank
May 26, 2014 / 9:16 AM / 3 years ago

UPDATE 1-StanChart says no decision yet on Swiss private bank

(Adds Standard Chartered statement)

ZURICH, May 26 (Reuters) - Standard Chartered has not reached a final decision on the future of its Swiss private bank, it said on Monday, denying a media report that it is poised to close the Geneva business.

The Asia-focused bank had said in February that it was looking to sell the Swiss private bank as part of a plan to shed several businesses as it sharpens its focus on Asia, Africa and the Middle East.

“As previously announced, Standard Chartered is looking at options for its private banking business in Geneva,” a bank spokesman said in an emailed statement.

“It is too early to say what the outcome of that process will be. However, I can confirm that the bank will retain staff and operations in Switzerland.”

Broadcaster Radio Television Suisse (RTS) said on its website on Monday that Standard Chartered would close the private bank. It did not cite its sources. RTS said the roughly 40 employees affected would be given the option of moving to another part of the bank. (Reporting by Joshua Franklin; Editing by David Goodman)

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