Bulletin: Standard Chartered Bank (Singapore) Ltd.'s Delay In Merger Won't Affect Its Group Status

SINGAPORE (S&P Global Ratings) Nov. 16, 2018--S&P Global Ratings said today that a delay in the transfer of Standard Chartered group's Singapore branch operations into the Singapore subsidiary, Standard Chartered Bank (Singapore) Ltd. (SCBS; A [prelim]/Stable/A-1 [prelim]), would not affect SCBS' group status. We expected the transfer to happen by the end of 2018. The transfer is now likely to happen by mid-2019, at the later end of SCBS' guidance. 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. Further, we understand there is no material change to pro forma information, which assumes the exclusion of significant gross nonperforming loans and a material capital

...SINGAPORE (S&P Global Ratings) Nov. 16, 2018--S&P Global Ratings said today that a delay in the transfer of Standard Chartered group's Singapore branch operations into the Singapore subsidiary, Standard Chartered Bank (Singapore) Ltd. (SCBS; A [prelim]/Stable/A-1 [prelim]), would not affect SCBS' group status. We expected the transfer to happen by the end of 2018. The transfer is now likely to happen by mid-2019, at the later end of SCBS' guidance. 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. Further, we understand there is no material change to pro forma information, which assumes the exclusion of significant gross nonperforming loans and a material capital injection as part of the transfer. We expect SCBS to receive Singapore court approval for the in-principle scheme of transfer following the bank's extended engagement with regulators and institutional clients. We expect to finalize...

Bulletin