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StanChart struggles in Singapore

StanChart struggles in Singapore

(10 August 2005 – Singapore) Standard Chartered has said it doesn’t envisage much growth in its Singapore business and could lay off staff to cut costs. The bank saw its second half profit shrink in Singapore to US$104 million before tax from US$129 million last year, a drop of 19 percent.

Group executive director Kai Nargolwala said the banking environment in Singapore was one of intense competition and declining margins, and that given these conditions, he didn’t expect the business to grow much more.

Nargolwala said the bank was reviewing costs and that it would take whatever action was necessary to make sure the business was growing and profitable.

Standard Chartered retrenched 200 workers in Hong Kong late last year, citing similar reasons.
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