Standard Chartered has completed a 2-year restructuring process, according to regional chief executive Ben Hung Pi-cheng, which has seen the successful sell-off or closure of a number of non-profitable units.
In an interview with South China Morning Post, Hung insisted it is now in a strong position to look at expansion, with the focus on RMB-denominated services and financing, and lending involved in the Belt and Road Initiative the Chinese governments planned international infrastructure building project, covering some 65 nations stretching from Asia to Europe, along the old silk trading routes.
This major restructuring has been aimed at cutting out units which were not profitable, allowing us to relocate our resources to …
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