Acquisition Completed

Standard Chartered PLC
31 July 2000


STANDARD CHARTERED COMPLETES US$1.34 BILLION GRINDLAYS ACQUISITION

Standard Chartered PLC announced today (31st July 2000) the completion of the
US$1.34 billion acquisition of Grindlays Bank and the associated Grindlays
Private Banking business from Australia and New Zealand Banking Group Limited.
 The necessary regulatory approvals for completion have been obtained.  

Rana Talwar, Group Chief Executive Standard Chartered PLC, commented:  'This
move positions Standard Chartered as the leading international banking
business in India, Pakistan, Bangladesh and Sri Lanka, and gives us a much
stronger position in the Middle East where we are now challenging for market
leadership.  The move will bring great benefits to our international customers
and our customers in the region.  

'The move also significantly strengthens Standard Chartered's position as the
world's leading emerging markets bank, adding India to rank alongside Hong
Kong, Malaysia and Singapore as significant profit contributors.'



For further information please contact:

Pamela McGann     Group Head, External Affairs      44 (0)20 7280 7245
Tim Halford       Director, Corporate Affairs       44 (0)20 7280 7159


www.standardchartered.com