17th Jun 2005 09:30
Standard Chartered PLC17 June 2005 FOR IMMEDIATE RELEASE Standard Chartered takes stake in Asia Commercial Bank, Vietnam International bank to provide technical assistance to Vietnamese bank Friday 17 June 2005, Ho Chi Minh City - Standard Chartered and Asia CommercialBank, Vietnam ("ACB") announced today that Standard Chartered has acquired astake in ACB, one of the leading joint stock banks in the country. StandardChartered is the first foreign bank to be allowed by the Government and theState Bank of Vietnam to purchase a stake in a domestic financial institution. As part of the agreement, Standard Chartered is introducing fresh capital intothe bank such that post-acquisition, it will own 8.56 per cent of the enlargedcapital of ACB. The total investment will be approximately US$22 million, incash. In addition Standard Chartered will provide technical assistance in theareas of risk management, consumer banking, brand and distribution. Commenting on the partnership, Mervyn Davies Group Chief Executive of StandardChartered said, "With a population of over 80 million people, Vietnam is one ofthe fastest growing economies in Asia with huge potential in consumer banking.ACB is one of the premier banks in the Country, and its growth and developmentwill benefit both the consumers and the industry in Vietnam." "ACB is taking the lead to be international standards in risk and compliancemanagement, sales and marketing, human resource management, as well as productdevelopment, brand and distribution. We believe our global expertise andexperience in Asia will provide a strong complement to support theseobjectives." Mr Tran Mong Hung, Chairman of Asia Commercial Bank said, "We are delighted tohave Standard Chartered as our partner. We intend to leverage strengths ofStandard Chartered to drive the growth of ACB for the benefit of all ourstakeholders. We will work with Standard Chartered to enhance our product range,services and delivery standards to become the best bank in our country." -END- Standard Chartered - leading the way in Asia, Africa and the Middle East Following the acquisition of Korea First Bank, Standard Chartered now employs38,000 people in 950 locations in more than 50 countries in the Asia PacificRegion, South Asia, the Middle East, Africa, the United Kingdom and theAmericas. Standard Chartered is one of the world's most international banks,with employees representing 80 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, securities services, foreign exchange,debt capital markets 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, please visit www.standardchartered.com or contact Standard Chartered, Group Corporate Affairs Cindy Tang, Head, Media Relations Tel +44 20 7280 6170 Mobile +44 7799 868 246 [email protected] Wong Ai Kwei, Regional Head, Southeast Asia Tel +65 6530 3450 Mobile +65 9672 8289 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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