[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.