Today, Standard Chartered Bank, an international banking group, has announced that it has successfully completed its transfer of all its businesses in Singapore. The transfer was from Standard Chartered’s Singapore Branch to a locally incorporated subsidiary, Standard Chartered Bank (Singapore) Limited (SCBSL).
Going Big In Markets
The idea is that the Bank will now return its Singapore Branch’s full banking license. After this license is returned, the Singapore Branch will stay as a part of the Bank, but will now hold a non-licensed bank structure, instead of previous.
Standard Chartered Bank, referred in this case as the Issuer, has managed to issue out Securities under its $15,000,000,000 Notes, Certificates and Warrants Program. They did so through its Singapore Branch, as well, which has now been shifted over to the subsidiary instead. It should be noted that these Notes, Certificates and Warrants Program is also listed on Euronext Dublin. Furthermore, they have been admitted into trading on the Main Securities Market of Euronext Dublin, as well.
No Unexpected Taxation Promised
The Issuer stands convinced that there won’t be any form of withholding tax impact on the Securities. Particularly, the Issuer is referring to the return of the banking license of the Issuer’s Singapore branch. It should be noted, however, that the Issuer was clear in its intent on meeting the obligations of its Singapore branch, as well, doing so in full.
Even so, it should be noted that security holders have been urged to come into contact with the Issuer, to ensure things run as smoothly as possible, as well.
A Place Of Big Programs
Standard Chartered has been quite busy on an international playing field, as well. Its most recent announcement is how it successfully delisted Indian Depository Receipts Program. The Banking Group had announced its intention of doing so back in March of 2020, back when the COVID-19 pandemic was in full swing.
In the wake of the massive BLM movement, just under a week ago, Standard Chartered announced that it has signed up to a racial equality initiative. In particular, Standard chartered has signed up to Business in the Community’s (BITC) Race at Work Charter. This charter stands as an initiative, in partnership with the government, to improve the various outcomes of black, Asian, and minority ethnic (BAME) employees within the UK.
The Race at Work Charter was designed to foster a public commitment to improve the outcome of BAME employees at the workplace, incorporating several measures to do so. This includes capturing and publicizing progress about it, appointing an Executive Sponsor for race, as well as ensuring equality as being the responsibility for leaders and managers. Other actions are integrated as well, such as supporting the career progression of ethnic minorities, as well as holding a zero-tolerance philosophy on bullying and harassment.