26th Jan 2007 07:04
Standard Chartered PLC26 January 2007 STANDARD CHARTERED PLC DISPOSAL OF INDIAN ASSET MANAGEMENT BUSINESS FOR IMMEDIATE RELEASE Standard Chartered PLC ('Standard Chartered') announces that its subsidiarycompany, Standard Chartered Bank, has today disposed of its entire stake inStandard Chartered Trustee Company Private Limited and Standard Chartered AssetManagement Company Private Limited to Swiss Finance Corporation (Mauritius)Limited, a subsidiary of UBS AG for a total cash consideration of approximatelyUSD120 million. Standard Chartered Asset Management Company Private Limited and StandardChartered Trustee Company Private Limited are respectively the InvestmentManager and the Trustee of Standard Chartered Mutual Fund, a trust set up underthe provisions of the Indian Trusts Act, 1882. Together the companies to be soldrepresent the mutual fund manufacturing business of Standard Chartered in India.The transaction does not include Standard Chartered's mutual fund distributionbusiness which Standard Chartered will continue to pursue. Assets undermanagement, which include debt and equity funds, stood at USD3.1 billion as at25 January 2007. This transaction is conditional upon certain regulatory approvals, and isexpected to complete in the second half of 2007. India is one of Standard Chartered's key markets and the Bank will continue toinvest in and grow its core business there. For further information, contact: Stephen Atkinson, Head of Investor RelationsTel: +44 20 7280 [email protected] Ruth Naderer, Head of Investor Relations, Asia PacificTel : +852 2820 [email protected] Sean Farrell, Head of Media RelationsTel: +44 20 7280 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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