Last Updated March 07, 2008
Standard Chartered has completed its US$823mn acquisition of American Express Bank (AEB), having received all the required approvals. The acquisition of AEB will add 19 more markets to Standard Chartered's footprint, as well as aiming to deepening its presence in core markets. It will also give the bank the opportunity to increase its capability in the strategically important financial institutions and private banking businesses.
In addition the acquisition doubles StanChart's US dollar clearing business, provides the bank with direct Euro and Yen clearing capability.
The extended geographical presence will further increase the bank’s ability to capture more trade and investment flows.
"I welcome the American Express Bank employees into the Standard Chartered family. The AEB business brings along an exceptional management team and I look forward to them playing an important role in the group,” comments Peter Sands, group chief executive, Standard Chartered.
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