World Economy

StanChart to Close 100 Branches

StanChart to Close 100 BranchesStanChart to Close 100 Branches

Standard Chartered will close up to 100 bank branches next year in Asia, Africa and the Middle East in an attempt to improve its profitability, BBC reported. The UK bank plans to cut about 8% of its global network of more than 1,200 branches to save $400m a year. The announcement was made on the first day of a three-day meeting with investors in Hong Kong on Tuesday. The Asia-focused bank has been facing tough market conditions and has issued three profit warnings this year.