5th Sep 2007 09:14
Standard Chartered PLC05 September 2007 Standard Chartered to acquire Harrison Lovegrove & Co. Limited Standard Chartered announces that it has today entered into an agreement toacquire Harrison Lovegrove & Co. Limited ("Harrison Lovegrove"). Theacquisition is subject to certain regulatory consents, and is expected to becompleted by late October 2007. Harrison Lovegrove is a leading global oil and gas M&A advisory boutique, withoperational offices in London, Moscow, Kuala Lumpur, Perth, Calgary and Houstonand a research centre located in Washington DC. It has built up a strongreputation for offering high quality advice underpinned by an excellenttechnical understanding of the oil and gas industry. Harrison Lovegrove hasadvised on successful transactions totaling approximately USD20 billion and hasrepresented clients from National Oil Companies and the Majors through to bothlarge and small oil companies. The Harrison Lovegrove business is highly complementary to Standard Chartered'sexisting oil and gas corporate advisory capabilities. The broader productplatform of Standard Chartered will enable the combined business to offersignificantly greater value to clients in a global sector, which is a key focusfor Standard Chartered. Mike Rees, CEO Wholesale Banking, said: "We are delighted to welcome the teamfrom Harrison Lovegrove to Standard Chartered. Together, we will provideclients globally with a unique blend of strategic, financial and technicaladvice underpinned by our strong financial product capabilities and insightsinto our key geographical markets." V. Shankar, Group Head of Client Relationships, said: "This acquisition buildssubstantial scale in our Corporate Finance business and further expands ourcapabilities in the global oil and gas sector to market leading levels. Byleveraging Standard Chartered's franchise, we expect to generate significantbusiness growth with the combined business, further adding to an alreadysuccessful track record in the sector." Martin Lovegrove, CEO of Harrison Lovegrove, said: "We very much welcome theopportunity to become part of Standard Chartered. The combined team will be oneof the market leaders in banking services for the global oil and gas sector andtogether, we will be able to offer our clients a wide range and depth ofservices. Standard Chartered is the perfect fit for us." As at 31 December 2006, the gross assets of Harrison Lovegrove wereapproximately USD23 million. ENDS For further details please contact: Standard Chartered Stephen Atkinson, Head of Investor Relations Tel: +44 20 7280 7245 [email protected] Tim Baxter, Head of External Communications Tel: +44 20 7457 5573 Mob: +44 7889 137060 [email protected] Harrison Lovegrove James Henderson / Alisdair Haythornthwaite Pelham Public Relations Tel: +44 20 7743 6673 / +44 20 7743 6676 Notes to Editors Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered PLC is listed on both the London Stock Exchange and the HongKong Stock Exchange and is consistently ranked in the top 25 among FTSE-100companies by market capitalisation. Standard Chartered has a history of over 150 years in banking and operates inmany of the world's fastest-growing markets with an extensive global network ofover 1,400 branches (including subsidiaries, associates and joint ventures) inover 50 countries in the Asia Pacific Region, South Asia, the Middle East,Africa, the United Kingdom and the Americas. As one of the world's most international banks, Standard Chartered employs over60,000 people, representing over 100 nationalities, worldwide. This diversitylies at the heart of the Bank's values and supports the Bank's growth as theworld increasingly becomes one market. With strong organic growth supported by strategic alliances and acquisitions anddriven by its strengths in the balance and diversity of its business, products,geography and people, Standard Chartered is well positioned in the emergingtrade corridors of Asia, Africa and the Middle East. Standard Chartered derives over 90 per cent of profits from Asia, Africa and theMiddle East. Serving both Consumer and Wholesale Banking customers worldwide,the Bank combines deep local knowledge with global capability to offer a widerange of innovative products and services as well as award-winning solutions. Trusted across its network for its standard of governance and corporateresponsibility, Standard Chartered takes a long term view of the consequences ofits actions to ensure that the Bank builds a sustainable business through socialinclusion, environmental protection and good governance. Standard Chartered is also committed to all its stakeholders by living itsvalues in its approach towards managing its people, exceeding expectations ofits customers, making a difference in communities and working with regulators. Harrison Lovegrove & Co. Limited Harrison Lovegrove was established at the end of 1999. The firm focuses onadvising companies on the buying and selling of upstream petroleum assets andcompanies. Today, Harrison Lovegrove is the largest independent petroleum advisory firmoperating outside North America. It employs 44 staff, of whom 29 are frontoffice professionals, 13 of whom have at least ten years of business experience.The professional staff come from a range of backgrounds, including geoscience,petroleum and reservoir engineering, finance and research; 13 have worked in theupstream oil & gas industry directly. These staff are located in the firm'soperational offices in London, Moscow, Kuala Lumpur, Perth, Calgary and Houstonand its research centre located in Washington DC. Since being established Harrison Lovegrove has advised on approximately USD20billion of successful transactions. It has been employed by 70 corporateclients, ranging from National Oil Companies through the Majors to both largeand small independent oil companies. It has worked on over 90 mandates, whichhave covered assets lying in a total of 47 countries. As of today, it isadvising on mandates covering 18 countries. Importantly, Harrison Lovegrove has been and continues to be particularly activein the Africa and Asia-Pacific regions, markets which are focus areas forStandard Chartered. Harrison Lovegrove is authorised and regulated by the FSA in the UK and FINRA inthe United States of America. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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