Bulletin: Standard Chartered Bank (Singapore) Limited Expected To Become Core To Its Group

SINGAPORE (S&P Global Ratings) March 14, 2019--S&P Global Ratings said today that it expects the transfer of Standard Chartered Group's Singapore branch operations into the Singapore subsidiary, Standard Chartered Bank (Singapore) Limited (SCBS; A [prelim]/Stable/A-1 [prelim]), to happen by mid-May 2019. We believe that SCBS will become a core subsidiary of its wider banking group and be of moderate systemic importance to the Singapore banking system. Furthermore, we expect the exclusion of significant gross nonperforming loans and a material capital injection as part of the transfer. The preliminary rating considers the anticipated general credit quality of SCBS, assuming successful completion of the transfer as proposed. We expect to finalize the preliminary rating once SCBS receives court approval, anticipated to occur

...SINGAPORE (S&P Global Ratings) March 14, 2019--S&P Global Ratings said today that it expects the transfer of Standard Chartered Group's Singapore branch operations into the Singapore subsidiary, Standard Chartered Bank (Singapore) Limited (SCBS; A [prelim]/Stable/A-1 [prelim]), to happen by mid-May 2019. We believe that SCBS will become a core subsidiary of its wider banking group and be of moderate systemic importance to the Singapore banking system. Furthermore, we expect the exclusion of significant gross nonperforming loans and a material capital injection as part of the transfer. The preliminary rating considers the anticipated general credit quality of SCBS, assuming successful completion of the transfer as proposed. We expect to finalize the preliminary rating once SCBS receives court approval, anticipated to occur in late April 2019. This report does not constitute a rating action....

Bulletin