Standard Chartered is considering a sale of its retail banking operations in the Philippines to reduce costs and assets base, reports Reuters.
The lender which made a foray into the Philippines market in 1872, would however retain its corporate banking business in the country.
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According to Philippines’ central bank, Standard Chartered Philippines manages assets worth $1.72bn.
The bank reportedly operates with five branches and over 500 employees in the country, with two-thirds of those employees being a part of its retail operations.
Philippines’ EastWest Banking Corp president Antonio Moncupa said that his firm would consider a bid for Standard Chartered’s retail banking assets.
Moncupa told Reuters, "We will surely consider. But we need to see the bidding process details first in making a decision."
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