Research Update: Standard Chartered Bank (Singapore) Ratings Affirmed At 'A+/A-1', Outlook Stable On ASEAN Hub Establishment

Standard Chartered group announced on Feb. 17, 2022, that it has completed a planned restructuring to set up Standard Chartered Bank (Singapore) Ltd. (SCBS) as a regional hub with full ownership of the group's banking subsidiaries Malaysia, Thailand and Vietnam. We believe this could optimize SCBS' funding and liquidity, and provide it with a bigger capital base to serve large clients in Southeast Asia, leading to some moderate revenue increase over the next five years. S&P Global Ratings affirmed our 'A+' long- and 'A-1' short-term issuer credit ratings on SCBS, with stable outlooks on the long-term ratings. We also affirmed our 'A+/A-1' issue ratings on any senior debt issuances from the bank's certificates of deposit (CD) program. SCBS will remain

...- Standard Chartered group announced on Feb. 17, 2022, that it has completed a planned restructuring to set up Standard Chartered Bank (Singapore) Ltd. (SCBS) as a regional hub with full ownership of the group's banking subsidiaries Malaysia, Thailand and Vietnam. - We believe this could optimize SCBS' funding and liquidity, and provide it with a bigger capital base to serve large clients in Southeast Asia, leading to some moderate revenue increase over the next five years. - S&P Global Ratings affirmed our 'A+' long- and 'A-1' short-term issuer credit ratings on SCBS, with stable outlooks on the long-term ratings. We also affirmed our 'A+/A-1' issue ratings on any senior debt issuances from the bank's certificates of deposit (CD) program. SCBS will remain a core subsidiary of the group. - We also maintained the '###+' stand-alone credit profile. In our view, the new SCBS subsidiaries will bring higher economic risks to the bank's operations, but this will be offset by its stronger market...

Research Update