London – As part of the ongoing execution of its refreshed strategy, Standard Chartered PLC (the Group) has expanded and reorganised its reporting structure with the creation of a third client segment, Ventures, effective on 1 January 2022.
- Ventures is a 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 and catalyst for the Group to promote innovation, invest in disruptive financial technology and explore alternative business models and was previously reported in Central & other items (segment). Further details of the key investments held by SC Ventures will be included in the first quarter 2022 results announcement together with details of where the broader range of initiatives shown at the Group’s Innovation and Digitisation event of 13 October 2021 are presented in the financial statements
- Mox, a cloud-native, mobile only digital bank, was launched in Hong Kong as a joint venture with HKT, PCCW and Trip.com in September 2020
- Trust in Singapore, in partnership with NTUC Enterprise, is the Group’s second separately licensed digital bank in Asia, after Mox, with go-live planned for later this year
- Mox and Trust were previously reported as part of the Consumer, Private & Business Banking client segment
These changes do not impact the Group’s three geographic region reporting structure. For reporting purposes, the combination of segments and regions requires a simple addition of the respective financial results.
To aid comparisons with prior periods at its results for the first quarter of 2022 to be published on 28 April 2022, the Group has today made available on its website (Investors) financial information reflecting the new reporting structure and product classification for the past eight quarters.
The increased transparency for Ventures reflects the growing significance of the Group’s investment in technology and innovation. This is central to the Group’s transformation agenda, which extends beyond Ventures to all parts of the business, including our culture, the way we work and our increased collaboration with external partners.
In addition, the Group has created a new Transaction Banking Trade and Working Capital product group, responsible for both Trade Finance and Short-Term Lending, an enabler to offer clients best-in-class and end-to-end Working Capital solutions. Short-Term Lending products was previously reported in Lending & Portfolio Management. There is no impact on the consolidated results of the Corporate, Commercial & Institutional Banking (CCIB) client segment.
Separately in the CCIB client segment, the Group is also transferring income related to Group Special Asset Management (GSAM), the Group’s specialist recovery unit, previously reported in Other Products into the relevant products.
The re-presentations summarised above have not resulted in any changes to the reported income or balances in total at a Group level.
For further information, please contact:
Gregg Powell, Group Head, Investor Relations: +44 (0) 20 7885 5172
Adnan Akhtar, Head of Sell-Side Investor Relations: +44 (0) 20 7885 7255
Sarah Hagan, Global Head, Corporate Affairs: +44 (0) 7909 933 345