StanChart to transfer some credit card, personal loan customers to Trust Bank
The move will not affect Standard Chartered banking products such as deposit accounts, wealth products and insurance policies.
A Standard Chartered bank branch in Singapore on Oct 11, 2016. (File photo: Reuters/Edgar Su)
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SINGAPORE: Standard Chartered will transfer some of its credit card and personal loan clients to Trust Bank from September, the banks said in a joint press release on Friday (Jul 31).
The move will not affect Standard Chartered banking products such as deposit accounts, wealth products and insurance policies.
Trust Bank is a subsidiary digital bank jointly owned by Standard Chartered and FairPrice Group.
“Trust will continue to scale its digital banking platform and everyday banking propositions, while Standard Chartered will further invest in capabilities that help clients grow, manage and protect their wealth,” the banks said in the press release.
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In response to queries from CNA, a Standard Chartered spokesperson said that clients whose accounts will be transferred to Trust Bank will be contacted directly with information about what the transfer means for them and the next steps to be taken.
The bank declined to disclose the size of the portfolio to be transferred, but said that cards and loans remain part of Standard Chartered’s wider retail product offerings.
“The investment supports the expansion of the strategic partnership between Standard Chartered and Trust Bank. By leveraging the complementary strengths of both organisations, we aim to better serve clients’ needs across different stages of their financial journey,” said the spokesperson.
There will also be no layoffs as a result of the transfer, the spokesperson added.
Standard Chartered and Trust said that they will work together to ensure a smooth transition for clients, and that they will update clients regularly on developments.
Source: CNA/dy(kg)
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