SCBS today announced plans to transfer the group's branch operations into the Singapore subsidiary. This will create a full-service banking subsidiary. Subject to Singapore court approval of the scheme of transfer, the subsidiary's assets will increase threefold. We expect the group to keep significant gross nonperforming loans out of the subsidiary and inject a material amount of capital as part of the transfer. We have assigned our 'A/A-1' preliminary ratings to SCBS. Our stable outlook reflects our view that SCBS would receive timely support from its financially stronger group, headed by Standard Chartered Bank, or the Singapore government, if needed. On Feb. 22, 2018, S&P Global Ratings assigned its 'A' preliminary long-term and 'A-1' preliminary short-term issuer credit ratings to
