2nd Oct 2007 14:00
Schroders PLC02 October 2007 Schroders to acquire Singapore based private client advisory unit ofCommonwealth Bank of Australia 2 October 2007 Schroders plc ("Schroders") announces that, subject to certain conditionsincluding regulatory approval, its Singapore subsidiary has today reachedagreement to acquire the Singapore-based private client advisory unit ofCommonwealth Bank of Australia. As at the date of this announcement thebusiness has over US$600 million of assets under administration and employs 12people. Schroders will pay US$10 million (approximately £5 million) in cash forthis business, which will be managed as part of Schroders Private Bankingbusiness segment. Mr Khing Go, currently Head of Private Banking Asia Advisoryfor Commonwealth Bank of Australia, will become Head of Private Clients Asia forSchroders. The transaction is expected to complete in the first quarter of 2008. Schroders contacts Philip Mallinckrodt, Group Head of Private Banking +44 (0)20 7658 6969 Lucy Rae, PR Manager +44 (0)20 7658 6168 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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