15th Jun 2005 09:09
Standard Chartered PLC15 June 2005 News Release Standard Chartered Acquires American Express Bank's Business in Bangladesh Standard Chartered is pleased to announce that it has signed an Agreement toacquire the commercial banking business of American Express Bank Limited inBangladesh. The purchase is conditional on regulatory approval, and should becompleted within the next few weeks. The purchase consideration will beapproximately USD24.5million, payable in cash. Osman Morad, Chief Executive Officer of Standard Chartered Bank, Bangladesh,commented: 'We are very pleased to have reached agreement on this purchase. The acquisitionfurther consolidates our position as the oldest and largest foreign bank inBangladesh and we look forward to serving American Express Bank's customers withour wide range of products and services. This year Standard Chartered proudlycelebrates 100 years in Bangladesh, and this significant investment underscoresour continued and increasing commitment to the country.' Qamar Hussain, Chief Executive Officer of American Express Bank, Bangladesh,said: 'We are pleased to have reached this agreement with Standard Chartered Bank. Theagreement fits our strategic objective of exiting local corporate banking andfocusing on serving the correspondent banking needs of financial institutions inBangladesh and around the world. At the same time, we believe that our localcommercial bank clients will be well served by a bank with the history andreputation of Standard Chartered Bank'. - END - Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered Bank Bangladesh is part of the Standard Chartered Group. Standard Chartered employs 35,000 people in over 500 locations in more than 50countries in the Asia Pacific region, South Asia, the Middle East, the UnitedKingdom and the Americas. It is one of the world's most international banks witha management team comprising 70 nationalities. Standard Chartered PLC is listed on both the London Stock Exchange and the StockExchange of Hong Kong and is in the top 25 FTSE-100 companies, by marketcapitalisation. It serves both Consumer and Wholesale Banking customers. Consumer Bankingprovides credit cards, personal loans, mortgages, deposit taking and wealthmanagement services to individuals and small to medium sized enterprises.Wholesale Banking provides corporate and institutional clients with services intrade finance, cash management, lending, custody, foreign exchange, debt capitalmarkets and corporate finance. Standard Chartered is well established in growth markets and aims to be theright partner for its customers. The Bank combines deep local knowledge withglobal capability. The Bank is trusted across its network for its standard of governance and itscommitment to making a difference in the communities in which it operates. For further information on Standard Chartered Bank, please contact: Neel Chatterjee Regional Head of Corporate Affairs, South Asia Telephone: +91 98 2263 4574 Mobile: +91 98 2034 5525 OR Shah Masud Imam Head of Corporate Affairs, Dhaka Telephone: +880 2 956 7831 Mobile: +880 189 214166 American Express Bank Limited is the international banking subsidiary ofAmerican Express Company. Founded in 1919, it provides services to financialinstitutions, high net worth individuals and affluent customers through morethan 75 locations in 45 countries. American Express Company is a diversifiedworldwide travel, financial and network services company founded in 1850. It isa world leader in charge and credit cards, Travellers Cheques, travel, businessservices, insurance and international banking. For further information on American Express Bank Limited, please contact: Rajiv Ahuja Director - Public Affairs and Communications India and Area Countries Telephone: +91 124 5190590 Mobile: +91 98 111 21444 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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