Standard Chartered, PCCW, HKT and Ctrip Finance Build a New Virtual Bank in Hong Kong
CTRIP.COM INTL (CTRP)
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Source: GlobeNewswire
HONG KONG, March 27, 2019 (GLOBE NEWSWIRE) -- Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”), PCCW Limited (“PCCW”), HKT Trust and HKT Limited (“HKT”) and Ctrip Financial Management (Hong Kong) Co., Limited (“Ctrip Finance”) today announced the establishment of a strategic joint venture to deliver a new standalone digital retail bank in Hong Kong. The joint venture will be conducted under a new entity, which today was granted a licence to operate a virtual bank in Hong Kong by the Hong Kong Monetary Authority (“HKMA”). Standard Chartered will hold 65.1% in the joint venture, while PCCW, HKT and Ctrip Finance will hold 10.0%, 15.0% and 9.9% respectively. The joint venture will draw on the partners’ respective strengths to reach a broader spectrum of customers and to redefine the digital banking experience in Hong Kong by: Integrating virtual banking into the service offerings to PCCW’s, HKT’s and Ctrip’s well established customer basesProviding a suite of retail
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