2nd May 2008 14:19
Standard Chartered PLC02 May 2008 STANDARD CHARTERED PLC - ACQUISITION OF A FURTHER STAKE IN ASIA COMMERCIAL BANK Standard Chartered to acquire a further stake in Asia Commercial Bank, Vietnam Standard Chartered PLC, through its subsidiary Standard Chartered Bank (HongKong) Limited, has agreed to acquire from International Finance Corporation afurther 6.16 per cent of the ordinary shares in Asia Commercial Bank, Vietnam ("ACB") and a further 7.10 per cent of the convertible bonds of ACB. Thisacquisition, which is subject to the appropriate regulatory approvals, increasesthe investment of the Standard Chartered Group ("Standard Chartered") in ACBfrom 8.84 per cent of ACB's ordinary shares to 15.00 per cent and from 8.76 percent of ACB's convertible bonds to 15.86 per cent. As at 31 December 2007, thetotal value of ACB's gross assets was USD5.4 billion. ACB is one of the leading joint-stock banks in Vietnam. Standard Chartered hasbeen a shareholder and strategic partner of ACB since July 2005. This additionalinvestment will allow Standard Chartered to further strengthen its relationshipwith ACB, as well as benefit from the growth and development of the economy inVietnam. Jaspal Bindra, Chief Executive Officer, Asia, said: "Standard Charteredconsiders Vietnam a key growth market in Asia and we are strongly committed tothe development of its banking industry. We are pleased to be building ourpartnership with Asia Commercial Bank through this strategic transaction, aspart of our integrated approach to expanding our presence in Vietnam." For further information, contact: InvestorsStephen Atkinson Ashia RazzaqHead of Investor Relations Head of Investor Relations, Asia PacificTel: +44 (0)20 7885 7245 Tel: + 852 2820 [email protected] [email protected] PressArijit De Jeremy KirkHead of Media Relations Regional Head of Corporate Affairs, SEATel: +44 (0)20 7885 7163 Tel: +65 6725 [email protected] [email protected] Note to Editors: Standard Chartered PLC Standard Chartered PLC, listed on both the London Stock Exchange and the HongKong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by marketcapitalisation. The London-headquartered group has operated for over 150 yearsin some of the world's most dynamic markets, leading the way in Asia, Africa andthe Middle East. Its income and the number of employees have more than doubledover the last five years primarily as a result of organic growth andsupplemented by acquisitions. Standard Chartered aspires to be the best international bank in its marketsthrough leading by example to be the right partner for its stakeholders. Thegroup now employs 73,000 people, representing 115 nationalities, in more than1,700 branches and outlets located in over 70 countries. The bank derives morethan 90 per cent of its operating income and profits from Asia, Africa and theMiddle East, with balanced income derived from both Wholesale and ConsumerBanking. The group is committed to building a sustainable business over the long term andis trusted worldwide for upholding high standards of corporate governance,social responsibility, environmental protection and employee diversity. For moreinformation, please visit: www.standardchartered.com Asia Commercial Bank ACB was established in 1993 and is one of the largest and fastest growing jointstock commercial banks in Vietnam. The bank occupies a market leading positionin providing financial services with a focus on consumers and small privatebusinesses. As of December 2007, ACB had total assets of USD5.4 billion andprofit before tax of USD117 million. ACB has 117 branches across Vietnam andemploys more than 5,000 people. For more information, please visit:www.acb.com.vn -- ENDS -- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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