The business operates in the Middle East, South Asia, Africa, Europe and the Americas, and will see loans, swaps and commitments of about US$1.5bn transferred to Standard Chartered.
ANZ employed around 60 staff in London, New York, India and Bahrain, and a substantial number of staff will transfer to Standard Chartered. “We are excited to start 2005 with many talented new people in our team”, says Will Rathvon, global head of project and export finance at Standard Chartered. “The acquisition of the ANZ team is an excellent fit and adds geographic and new industry depth”.
Vis Shankar, global head of corporate finance adds: “In 2003 we identified the project and export finance business as one of the growth engines for corporate finance. Our ambition is to be the preeminent corporate finance house in Asia, Africa, and the Middle East, and this acquisition is consistent with that goal.”
The move will accelerate the growth of Standard Chartered’s project finance business, strengthening its capability to serve its wholesale banking customers. In particular it will deliver specialist industry expertise in mining and metals and renewable energy, and will significantly enhance Standard Chartered’s capacity to serve as financial advisor for project financings.
Headquartered in Singapore, Standard Chartered Bank’s project and export finance business is expanding rapidly. In the past 18 months it has built new project finance teams in Singapore and Dubai focused on Asia and the Middle East. It is developing teams in Mumbai and Hong Kong, has recently hired a number of structured export finance originators in London, and has embarked on a new aircraft finance strategy.