LONDON (dpa-AFX) - Standard Chartered Plc (STAC.L), said on Wednesday that as part of its reorganization of its reporting structure, it has created a third client segment 'Ventures' with effect from January 1.
Ventures is the consolidation of SC Ventures and its related entities as well as the Group's two majority-owned digital banks Mox in Hong Kong and Trust in Singapore.
SC Ventures is the platform for the Group to promote innovation, investment in financial technologies which was previously reported in Central & Other Items segment.
Mox and Trust were previously reported as part of the Consumer, Private & Business Banking client segment.
Standard Chartered also noted that the restructuring is not going to impact the three geographic region reporting structure and have not impacted the reported its earnings.
In addition, the lender has created a new Transaction Banking Trade and Working Capital product group, for both trade finance and short-term lending which was previously reported in Lending and Portfolio Management division.
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