89% of Metropolitan Bank of the Lebanon Acquired

Standard Chartered PLC
29 November 1999


STANDARD CHARTERED BUYS LEBANESE BANK

Standard Chartered PLC announces that it has agreed terms to acquire 89 per
cent of the share capital of Metropolitan Bank of the Lebanon.

Metropolitan Bank was founded in 1979 and has six branches.  The bank is based
in Beirut and has a Net Asset Value of USD11 million.  The remaining 11 per
cent of the share capital will be held by the founding Baaklini family.

Following the signing of the Sale and Purchase Agreement, the necessary
regulatory consent will be obtained.

Rana Talwar, Group Chief Executive, Standard Chartered PLC commented:  'We are
delighted to be buying a controlling stake in Metropolitan Bank.  It is an
important addition to our franchise as Beirut re-establishes itself as a
significant link between East and West.'


For further information please contact:

Pam McGann, Group Head of External Affairs
0171 280 7164

Alex Blake-Milton, Regional Head of External Affairs Europe and USA       
0171 280 7359