LONDON (Reuters) - Standard Chartered is looking to sell its Swiss private bank as part of its plan to get rid of several non-core businesses as it sharpens its focus on Asia, Africa and the Middle East.
The Asia-focused bank said in November it would sell or shut small “peripheral” businesses that are outside core markets, lack synergies with other areas or do not make attractive returns, as it attempts to deploy capital more effectively.
Last year Standard Chartered closed its retail bank in Japan and it is also selling its retail banking operations in Lebanon.
A spokeswoman on Wednesday said the Swiss private bank, based in Geneva, was also under review and could be sold.
Standard Chartered’s private bank, formed in 2007, is based in Singapore and has 13 offices.
Reporting by Steve Slater; Editing by Elaine Hardcastle