(20 June 2005 – Asia) Standard Chartered continues growing its operations in developing markets around the globe with the bank announcing it has purchased the commercial banking business of American Express in Bangladesh.The acquisition is subject to regulatory approval but is expected to be completed within several weeks.
Standard Chartered has paid US$24.5 million in cash for the business.
The bank said the acquisition further consolidated its position as the oldest and largest foreign bank in Bangladesh.
“This year Standard Chartered proudly celebrates 100 years in Bangladesh and this significant investment underscores our continued and increasing commitment to the country,” the bank said.
American Express said the deal fitted its strategic objective of exiting local corporate banking. It said it would focus on serving the correspondent banking needs of financial institutions in Bangladesh and around the world.