Panic as Stanchart moves to sell retail division

Popularly known as Stanchart, the country’s third largest bank is disposing of its Wealth and Retail Banking unit (WRB), which covers individual accounts, businesses and includes personal transactional accounts, loans and other services for different classifications of account holders.

It will only retain its Corporate and Investment Banking unit, which covers banks and non-bank financial institutions, government and government-related enterprises, multinational corporates and development organisations.