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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By GlobalDataLast month, the bank shut down the bulk of its global equities business and announced 4,000 layoffs in its retail banking unit.
In December, the bank sold its Hong Kong and Shenzhen consumer finance businesses to a consortium of China Travel Financial Holdings, U.S. hedge fund York Capital Management Global Advisors and financial firm Pepper Australia.
