The Asia-focused banking group is thinking of selling its retail bank in the Philippines as it contemplates ways to cut costs, a report claims.

UK-listed Standard Chartered, the Asia-focused bank, is reportedly looking to sell its retail business in the Philippines as chief executive Peter Sands looks to shrink costs.

The possibility of the bank selling the business was reported by the South China Morning Post, citing an unnamed source.

Standard Chartered declined to comment to WealthBriefingAsia about the matter.

The report said the bank, which has been in the Asian country since 1872, will continue to operate corporate banking there to focus on top clients.

Standard Chartered’s assets in the Philippines total $1.72 billion, according to the country’s central bank, and the UK-listed bank has five branches and over 500 employees there, the report said.

Peter Sands is under pressure after the bank issued profit warnings last year. According to one report, a number of senior banking industry executives have been slated as possible replacements for Sands, such as the current CEO of DBS Group, the Singapore-headquartered bank. To view that story, click here.