British banking giant Standard Chartered has dismissed a media report that it is poised to shut its Swiss private bank in Geneva.
StanChart said that it has not reached a final decision on the future of its Swiss private bank.
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The denial came after Swiss broadcaster Radio Television Suisse (RTS) reported that Asia-focused banking major StanChart will shut down its Swiss subsidiary after it failed to secure a buyer.
RTS said the roughly 40 employees affected would be given the option of moving to another part of the bank.
In February, the bank confirmed that it was looking to sell the Swiss private bank as part of a plan to shed several businesses as it sharpens its focus on Asia, Africa and the Middle East.
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