Standard Chartered has completed the consolidation of its business in Singapore into its locally incorporated subsidiary Standard Chartered Bank Singapore (SCBSL).
This includes the transfer of all its businesses from the Singapore branch to SCBSL, the company said in a regulatory filing with the London Stock Exchange (LSE).
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Standard Chartered has now expressed its intention to return its Singapore branch’s full banking licence.
Upon returning the banking licence, the Singapore branch will still be a part of the bank. However, it will have a non-licensed bank structure.
Standard Chartered Bank, on behalf of its Singapore branch, has managed to issue Securities under its $15,000,000,000 notes, certificates and warrants Programme.
It is worth noting that these notes, certificates and warrants are listed on Euronext Dublin – the Irish Stock Exchange (ISE).
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By GlobalDataThey have been admitted to trading on the main securities market of Euronext Dublin.
The company believes that there will not be any withholding tax impact on the securities due to the return of the banking licence.
The issuer intends to continue to meet its Singapore branch obligations in full.
The company, however, urged the security holders to contact the bank to ensure smooth transactions.
Last week, Standard Chartered also successfully delisted its Indian Depository Receipts programme.
