13th Jan 2015 11:33
LONDON (Alliance News) - Standard Chartered PLC, the FTSE 100 emerging market lender, has confirmed it is closing its Swiss private bank after no buyer came forward for the business, Reuters reported on Tuesday.
The failure to find a buyer follows news in February of 2014 that the bank was looking to exit what a spokesperson at the time described as a "very small unit of the business".
"We have moved the majority of accounts to our other booking centres, e.g. Jersey, London and Dubai," the spokeswoman said in an emailed statement to Reuters.
Standard Chartered was not immediately available for comment.
Standard Chartered shares were up 0.6% at 927.10 pence on Tuesday.
http://uk.reuters.com/article/2015/01/13/uk-stanchart-privatebank-swiss-idUKKBN0KM0UE20150113
By Samuel Agini; [email protected]; @samuelagini
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