LONDON (dpa-AFX) - Standard Chartered PLC (SCBFF.PK, STAC.L, STAN.L) announced a shareholders' agreement with respect to the formation of a joint venture SC Bank Solutions, in which Standard Chartered Bank (Singapore) Limited and BetaPlus will respectively hold 60% and 40% of the issued and paid up share capital. Standard Chartered Bank (Singapore) or SCBSL, is a subsidiary of Standard Chartered, and BetaPlus is a holding company controlled by NTUC Enterprise. SC Bank Solutions, a fully licensed bank, will focus on providing digital banking services in line with Singapore's efforts to digitalise economy.
Standard Chartered Bank (Singapore) and BetaPlus will contribute to SC Bank Solutions an aggregate cash amount of S$240 million. Standard Chartered Bank Singapore will contribute S$144 million to the joint venture. The funds will be used to develop the business of SC Bank Solutions.
Standard Chartered will continue to consolidate interest in SC Bank Solutions following completion of the deal.
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