Standard Chartered set to sell Swiss private banking arm

13 February 2014

Standard Chartered has announced it is looking to sell its private banking arm in Switzerland, as part of the under-pressure bank's to remove non-core businesses from its portfolio.

The Geneva-based division of the bank was launched in 2007, but is not under an internal review.

Should the decision be made to sell the division, it will join the firm's retail banking operation in Japan, which was sold in 2013, and one in Lebanon, which is currently being sold off.

The move to sell the Swiss arm follows on from the bank's announcement in November, during which it said it would sell or shut small "peripheral" businesses that are outside core markets, lack synergies with other areas or do not make attractive returns.

Standard has been in difficulty since being embroiled in scandal, which saw it pay $667 million to US authorities, including the New York State Department of Financial Services, the Department of Justice and New York City District Attorney, the Treasury Office of Foreign Assets Control and the Federal Reserve, to settle charges of sanctions busting.

By Gary Cooper

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