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StanChart considering sale of Philippines retail unit: source

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Standard Chartered is looking to sell its retail business in the Philippines, part of a wider bid by embattled CEO Peter Sands to cut costs and shrink the bank's asset base, a person with direct knowledge of the matter said.

[SINGAPORE] Standard Chartered is looking to sell its retail business in the Philippines, part of a wider bid by embattled CEO Peter Sands to cut costs and shrink the bank's asset base, a person with direct knowledge of the matter said.

The London-listed bank, which entered the Philippines in 1872, would continue to operate its corporate banking business in the country to focus on top clients such as San Miguel , the nation's biggest conglomerate, the source said.

A spokesman for Standard Chartered said the bank would "not comment on speculation".

Standard Chartered currently has five branches and over 500 employees in the Philippines, according to its website. Two-thirds of those employees are in its retail business, the source said.

REUTERS