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StanChart closing accounts of some financial institutions

Move follows business review; bank says financial institutions are still an important client base

Published Tue, Nov 18, 2014 · 09:50 PM

Singapore

STANDARD Chartered Bank Singapore has moved to shutter accounts with selected Singapore financial institutions as part of its business review, as the lender comes under tremendous pressure to improve profits.

A small financial institution told The Business Times that the Asia-focused bank informed it in a letter some three weeks back that it would close its savings and deposit accounts.

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