Standard Chartered: SCBSL To Hold 60% Of SC Bank Solutions JV - Quick Facts

Standard Chartered PLC (SCBFF.PK,STAC.L,STAN.L) announced a shareholders' agreement with respect to the formation of a joint venture SC Bank Solutions, in which Standard Chartered Bank (Singapore) Limited and BetaPlus will respectively hold 60% and 40% of the issued and paid up share capital. Standard Chartered Bank (Singapore) or SCBSL, is a subsidiary of Standard Chartered, and BetaPlus is a holding company controlled by NTUC Enterprise. SC Bank Solutions, a fully licensed bank, will focus on providing digital banking services in line with Singapore's efforts to digitalise economy.

Standard Chartered Bank (Singapore) and BetaPlus will contribute to SC Bank Solutions an aggregate cash amount of S$240 million. Standard Chartered Bank Singapore will contribute S$144 million to the joint venture. The funds will be used to develop the business of SC Bank Solutions.

Standard Chartered will continue to consolidate interest in SC Bank Solutions following completion of the deal.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Honda Motor Co, Inc. has recalled about 2,900 units of 2022 model year Honda TRX90X All-Terrain Vehicles (ATVs) sold in the United States for possible crash and injury hazard, according to a statement issued by the U.S. Consumer Product Safety Commission or CPSC. The Laundress, a unit of Conopco Inc. d/b/a Unilever, is recalling around 8 million laundry and household cleaning products citing risk of exposure to bacteria, U.S. Consumer Product Safety Commission. The recall involves Laundress laundry detergent, fabric conditioner and other cleaning products. Tesla Inc. has delivered its first Semi, a heavy-duty electric truck, to its customer PepsiCo Inc. during an event at its Nevada Gigafactory. The delivery of 500-mile fully electric Semi truck comes five years after the launch of the truck's prototype in 2017. During Thursday night's Semi Delivery Event at Tesla's Sparks, Nevada factory, CEO Elon Musk, with Dan Priestly, ...
Follow RTT