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Standard Chartered Indonesia to sell retail loan portfolio to Bank Danamon
Standard Chartered Indonesia has announced plans to sell its credit card, personal loan, mortgage and auto loan business to a local unit of MUFG.
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Representatives of Standard Chartered Indonesia serve customers in Jakarta in this undated photo. (kontan.co.id/Baihaki)
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K-based lender Standard Chartered Indonesia has announced a plan to sell its retail loan portfolio to Bank Danamon, a subsidiary of Japanese banking giant MUFG.
The transaction will include transfer of Standard Chartered’s conventional credit card, personal loan, mortgage and auto loan portfolios. The process is to be concluded in the fourth quarter of this year but will be subject to regulatory requirements, according to the bank.
Despite the transaction, Standard Chartered said it would continue to offer consumer, private and business banking (CPBB) services in Indonesia that included wealth management and deposit products, as well as “digital loan partnerships”.
“This transfer is part of Standard Chartered Group’s strategic refresh in 2021,” Andrew Chia, cluster chief executive officer for Indonesia and ASEAN markets at Standard Chartered, said in a statement on Monday.
“We remain committed to grow and invest in Indonesia, an important ASEAN hub for Standard Chartered,” he added.
Standard Chartered said the bank’s corporate, commercial and institutional banking (CCIB) business would be unaffected by the transfer and reiterated that it would continue to grow the segment in Indonesia.
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