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StanChart may sell Philippine unit

Standard Chartered Bank is said to be looking at selling its retail business in the Philippines. The bank, which was in operation in the Philippines since 1872, would, however, continue to operate its corporate banking business in the country to focus on top clients. Standard Chartered’s assets in the Philippines total $1.72 billion, according to the country’s central bank. It currently has five branches and over 500 employees in the country, two-thirds of them in its retail business. In December Standard Chartered sold its Hong Kong and Shenzhen consumer finance businesses to a consortium that included China Travel Financial Holdings, U.S. hedge fund York Capital Management Global Advisors and financial firm Pepper Australia.

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