StanChart to transfer part of credit card, personal loan clients to Trust Bank
Trust will scale its digital banking platform, while StanChart will invest in wealth capabilities
[SINGAPORE] Standard Chartered will be transferring part of its credit card and personal loan clients to Trust Bank as it looks to boost growth in Singapore.
The move, which will take place from September, is expected to deepen both banks’ combined abilities to serve retail banking clients in Singapore, StanChart said on Friday (Jul 31).
Affected customers’ other existing relationships with StanChart including deposit accounts, wealth products and insurance policies, will remain unchanged.
With the move, Trust will continue to scale its digital banking platform and everyday banking propositions, while StanChart will invest in wealth capabilities.
Trust is a subsidiary digital bank jointly owned by StanChart and FairPrice Group.
FairPrice Group CEO Vipul Chawla noted that Trust was set up to bring “fuss-free and rewarding banking services right into the heart of Singaporeans’ daily lives”.
The Business Times has reached out for more details.
