Standard Chartered plans to concentrate on major clients such as San Miguel by continuing to operate its corporate banking unit in the country, Reuters reported.
According to Philippines central bank, the banks’ assets in the country total $1.72bn.
Two-thirds of the bank’s employees of over 500 are in the bank’s retail business unit, reported the news agency, citing sources.
Standard Chartered has not revealed details on how much the retail business would fetch post divestment.
The bank offloaded its Hong Kong and Shenzhen consumer finance businesses in December to a consortium comprising China Travel Financial, US hedge fund York Capital Management Global Advisors and financial firm Pepper Australia, the news agency said.
London-listed multinational banking and financial services company, Standard Chartered operates a network of more than 1,700 branches and outlets across more than 70 countries and employs around 87,000 people.
Despite its UK base, the bank does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa and the Middle East.
The bank forayed into the Philippines market in 1872.
Image: Standard Chartered Bank China in Guangzhou Tianhe. Photo: courtesy of Chintunglee
