StanChart to transfer part of credit card, personal loan clients to Trust Bank
Standard Chartered is transferring some credit card and personal loan clients to its digital bank subsidiary, Trust Bank, in Singapore to boost growth and deepen retail banking services. This strategic move allows StanChart to focus on wealth capabilities while Trust scales its digital platform, with affected customers to be contacted directly.
Why it matters
This strategic move highlights the growing importance of digital banking and how traditional banks are adapting by leveraging digital subsidiaries to capture market share and specialize services, potentially impacting the competitive landscape of retail banking in Singapore.
Affected customers will be contacted with information on what the move means for them and any next steps
[SINGAPORE] Standard Chartered (StanChart) will be transferring part of its credit card and personal loan clients to Trust Bank to boost growth in Singapore.
The move, which will take place in September, is expected to deepen both banks’ combined abilities to serve retail banking clients in Singapore, StanChart said on Friday (Jul 31).
Following this, Trust will continue to scale its digital banking platform and everyday banking propositions, while StanChart invests in wealth capabilities.
Affected customers’ other existing relationships with StanChart, including deposit accounts, wealth products and insurance policies, will be unchanged.
StanChart declined to disclose the number of affected customers.
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