StanChart eyes Singapore bank

StanChart eyes Singapore bank

SINGAPORE: British-based Standard Chartered Bank is keen to
buy a Singapore bank, and to further tie itself to the city-state
it plans a listing on the Singapore exchange, chief executive
Mervyn Davies was reported saying Tuesday.

"If regulations allowed it, we would buy a local bank. As a
port, a hub and a financial center, Singapore is a great location
and has great infrastructure," Davies said in an interview with
local media.

Standard Chartered becomes the second foreign institution to
express interest in buying a Singapore bank after U.S. financial
services giant Citigroup declared its intentions last month.

Davies declined to identify a specific target for takeover,
but in a shake-up last year, the domestic banking scene was
reduced from five to three -- DBS Group, United Overseas Bank and
Overseas-Chinese Banking Corp. -- AFP