Acquisition

RNS Number : 8817U

Standard Chartered PLC

01 July 2009

 



Standard Chartered - Acquisition of First Africa

1 July 2009

STANDARD CHARTERED COMPLETES ACQUISITION OF FIRST AFRICA GROUP HOLDINGS LIMITED ('FIRST AFRICA')

Standard Chartered has completed the acquisition of the outstanding 75 per cent of First Africa Group Holdings Limited ('First Africa'), a leading pan-African Mergers & Acquisitions ('M&A') advisory firm, on 30 June 2009.  

Standard Chartered had previously announced the acquisition of an initial 25 per cent stake in First Africa in October 2006, with the option to increase the holding to 100 per cent by 2011. The acquisition has significantly enhanced the Bank's capability to provide M&A and leveraged finance services to its international clients in African-related transactions.  The appropriate approvals have been received for the additional stake and change in the controlling interest in First Africa.

As at 31 December 2008, First Africa's total gross assets were USD3.9 million.

-ENDS-

For further details please contact:

Investors

Stephen Atkinson

Head of Investor Relations          

[phone]

[e-mail]          

Ashia Razzaq

Head of Investor Relations, Asia Pacific

[phone]

[e-mail]

Media

Arijit De

Head of Media Relations 

[phone] 

[e-mail]

BUSINESS DESCRIPTION

Standard Chartered PLC

Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, 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 profits 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 Group 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 over 1600 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 more than 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management. 

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

First Africa Group Holdings Limited

Headquartered in South Africa, the company employs 19 staff in Johannesburg and 11 in Kenya. First Africa has been one of the leading M&A advisers in Africa over the past 10 years, with an impressive track record, particularly in the mining, telecommunications and financial services sectors.  

 

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