7th Mar 2008 10:49
Standard Chartered PLC07 March 2008 STANDARD CHARTERED PLC - DISPOSAL OF INDIAN ASSET MANAGEMENT BUSINESS Standard Chartered to sell Standard Chartered Trustee Company Private Limited and Standard Chartered Asset Management Company Private Limited Standard Chartered PLC ("Standard Chartered") announces that it has agreed tosell Standard Chartered Trustee Company Private Limited and Standard CharteredAsset Management Company Private Limited, including minorities, toInfrastructure Development Finance Company Limited ("IDFC") for a total cashconsideration of approximately USD205 million. The consideration is beforedeductions for local taxes and deal expenses. The companies mentioned above represent the mutual fund manufacturing businessof Standard Chartered in India. The transaction does not include StandardChartered's mutual fund distribution business which Standard Chartered willcontinue to pursue. Jaspal Bindra, Chief Executive Officer, Asia, said: "IDFC is a well respectedfinancial services company and we are delighted to have reached an agreementwith them for the sale of this business. Standard Chartered will remain adistributor of asset management products in India. India is a key market anddelivered record results in 2007." This transaction is subject to certain regulatory approvals and other closingconditions, and is expected to complete in the second quarter of 2008. For further information, contact: Investors Piotr Zajac Ashia RazzaqSenior Manager, Investor Relations Head of Investor Relations, Asia Pacific+44 (0)20 7280 6454 + 852 2820 [email protected] [email protected] Press Arijit DeHead of Media RelationsTel: +44 (0)20 7280 [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 Infrastructure Development Finance Company Limited Infrastructure Development Finance Company Limited ("IDFC") was incorporated in1997 as a public limited company under the Companies Act, 1956. IDFC listed itsequity shares in India pursuant to an initial public offering in August 2005. Asat 31 December 2007, IDFC's shareholders included the Government of India 20%,foreign investors (including Government of Singapore, Khazanah Nasional Berhad,IFC, AIG amongst others) - 49% and public / others 31%. As of 5 March 2008,IDFC's market capitalisation was approximately USD5.8 billion. IDFC's existing businesses, directly and through its subsidiaries, includeproject finance, principal investments, asset management (for third partyfunds), investment banking, institutional broking (through IDFC-SSKI), andadvisory services. -- ENDS -- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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