25 Jun '15, 7am

Standard Life is abandoning Singapore

Getty Yang Wang of China shows his dejection just before the finish line. British insurance giant Standard Life is abandoning Singapore. Standard Life said in a regulatory statement this morning that it will be closing its Singapore branch, which will incur a £45 million ($70.6 million) loss . The insurer said in its statement that the closure is subject to regulatory approvals, and "the business will no longer accept new applications or contributions to existing plans with immediate effect." However, Standard Life's chief of operations told Reuters this morning that the group still remain committed to other parts of Asia, such as its Chinese and Indian joint ventures. "Asia is an important part of Standard Life's strategy with an increasing focus on building on our relationships with Chinese and Indian partners, expanding our asset management presence and growing our whol...

Full article: http://uk.businessinsider.com/uk-insurer-standard-life-is...

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Standard Life is abandoning Singapore

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Getty Yang Wang of China shows his dejection just before the finish line. British insurance giant Standard Life is abandon...

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