Acquisition

RNS Number : 2858F

Standard Chartered PLC

07 October 2008

 



Standard Chartered PLC - Acquisition of Company

7 October 2008

Standard Chartered to acquire Asia Trust and Investment Corporation 

Standard Chartered Bank Taiwan Limited has been named as the preferred bidder in a government auction to acquire the 'good bank' portion of Asia Trust and Investment Corporation ('Asia Trust') in Taiwan. The acquisition will increase Standard Chartered's island-wide presence from 88 to 95 branches, and in particular strengthen its presence in Greater Taipei.

Asia Trust provides a variety of lending and credit card services to both retail and corporate customers through its seven branches, including 2 in Greater Taipei.  Under the terms of the transaction, Standard Chartered Bank Taiwan Limited will be able to relocate up to seven additional branches to Taipei, giving the Bank the opportunity to expand its scale and reach in the Greater Taipei region. 

Jaspal Bindra, Chief Executive Officer, Asia, said: 'Taiwan is a key market for Standard Chartered, and core to our Greater China strategy. This acquisition allows us to strengthen our network in Taipei, home to the most affluent bank customers in Taiwan. It also enables us to gain further leverage from our acquisition of Hsinchu International Bank in 2006 which gave us a strong platform in Taiwan.'

Asia Trust has been auctioned by the Taiwan Government's Central Deposit Insurance Corporation ('CDIC'), having been in receivership since January 2008. Under the terms of the transaction, Standard Chartered Bank Taiwan Limited will assume certain assets, liabilities and operations of Asia Trust and will receive a payment of NT$3.348 billion (approximately US$104 million).  The final payment is subject to closing adjustments including movement in the NAV of Asia Trust up until closing date.

The transaction, which is subject to certain conditions, including regulatory approvals, is expected to be completed by the end of 2008.

For further details please contact:

Standard Chartered

Stephen Atkinson, Head of Investor Relations

Tel: [phone]

Stephen.Atkinson@ standardchartered.com

 

Arijit De, Head of Media Relations

Tel: [phone] 

Arijit.De@ standardchartered.com 

 

Ashia Razzaq, Investor Relations, Asia

Tel: [phone]

[e-mail]

 

Margrit Chang, Head of Corporate Affairs, Taiwan

Tel: [phone]

[e-mail]

Note to Editors:

Standard Chartered Bank in Taiwan

Standard Chartered opened its first branch in 1985. The merger with Hsinchu International Bank in July 2007 marks a milestone in the Standard Chartered's development in Taiwan enhancing its presence in Taiwan to 86 branches island-wide, the largest network of any international bank. In August 2008, the completion of the amalgamation with American Express Bank further enlarged Standard Chartered's footprint in Taiwan to 88 branches.  

Standard Chartered - leading the way in Asia, Africa and the Middle East

Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East.  Its income and the number of employees have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions

Standard Chartered aspires to be the best international bank for its customers across its markets. The Bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has around 1,750 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.

Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs 75,000 people, nearly half of whom are women. The Group's employees are of 115 nationalities, of which 60 are represented among senior management. 

For more information, please visit: www.standardchartered.com

Asia Trust and Investment Corporation 

Asia Trust Share and Investment Corporation ('Asia Trust') was established on 7 July 1972 and provides a variety of trust funds, lending and credit card services to its customer base through a network of seven branches in Taiwan. Since 31 January 2008, Asia Trust has been placed under the receivership of the Central Deposit Insurance Company.

For more information, please visit: www.asiatrust.com.tw

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