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 ($US70.6 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 wholly-owned business in Hong Kong,” said Sandy Begbie, chief operations officer at Standard Life.
Standard Life is undergoing some massive changes at the moment as it aims to move towards providing greater asset management services, rather than insurance.
The group’s CEO David Nish is stepping down on August 5, after six years as the leader, while Keith Skeoch, currently CEO of the fund management arm, Standard Life Investments, will succeed him.