AEB Acquisition Completed

Standard Chartered PLC 29 February 2008 STANDARD CHARTERED COMPLETES ACQUISITION OF AMERICAN EXPRESS BANK ADDING CAPABILITY AND SCALE TO THE FINANCIAL INSTITUTIONS BUSINESS AND FAST-TRACKING THE PRIVATE BANKING BUSINESS 29 February 2008 Further to the announcement made on 18 September 2007, Standard Chartered PLC ('Standard Chartered' or the 'Group') announces that it has received all the required approvals and that the acquisition of American Express Bank Ltd. ('AEB') from American Express Company ('AXP') (the 'Transaction') completed today. The total cash consideration for the acquisition is equal to the net asset value of AEB at completion plus USD300 million. As at 29 February 2008, this amounts to approximately USD823 million (GBP413 million)(1). The acquisition of AEB provides Standard Chartered with an opportunity to add capability, scale and momentum in the strategically important Financial Institutions and Private Bank businesses. It will further deepen Standard Chartered's existing network and will provide access to a select number of new growth markets. As part of the Transaction Standard Chartered and AXP have entered into a put and call option under which AXP can sell and Standard Chartered can buy 100% of American Express International Deposit Company ('AEIDC') 18 months from today with the consideration payable to AXP being the net asset value of AEIDC at the time of exercise of the option. The addition of the AEB business will fast-track The Standard Chartered Private Bank growth aspirations, building immediate capability and scale in people, product and processes. AEB will enhance Standard Chartered's private banking presence in its key markets, leveraging on its exceptional advantage to grow market share and build scale in existing markets like Singapore, Hong Kong, India and The Middle East. It will also add capability in trust, fiduciary services, margin trading, wraps, and extend geographic reach with new booking centres in Geneva, Monaco, Miami, New York and London. AEB will help accelerate Standard Chartered's Financial Institutions business and significantly enhance its capabilities in this core customer segment. This acquisition doubles Standard Chartered's US Dollar clearing business reinforcing its position among the leading US Dollar clearing businesses and ranking the group sixth globally. In addition, AEB provides Standard Chartered with a direct Euro and Yen clearing capability. The extended geographic reach into new countries and deepening of Standard Chartered's presence in key existing markets will capture more trade and investment flows. Peter Sands, Group Chief Executive, Standard Chartered PLC said: 'I welcome the American Express Bank employees into the Standard Chartered family. The AEB business brings along an exceptional management team and I look forward to them playing an important role in the Group.' CONTACTS Investors Stephen Atkinson Ashia Razzaq Head of Investor Relations Head of Investor Relations, Asia Pacific +44 (0)20 7280 7245 + 852 2820 3958 Stephen.Atkinson@standardchartered.com Ashia.Razzaq@standardchartered.com Press Tim Baxter Arijit De Head of External Communications Head of Media Relations + 44 (0)20 7457 5573 +44 (0)20 7280 7163 Tim.Baxter@standardchartered.com Arijit.De@standardchartered.com BUSINESS DESCRIPTION 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 in its markets by being the right partner for its stakeholders and leading by example. The Group now employs over 70,000 people, representing some 115 nationalities, in more than 1,600 branches and outlets located in over 70 countries. The bank generates more than 90 per cent of its profits from Asia, Africa and the Middle East, with balanced income derived from both Wholesale and Consumer Banking. 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. For more information, please visit: www.standardchartered.com American Express Bank Ltd. is the international banking subsidiary of American Express Company. Founded in 1919, it provides services to financial institutions, high net worth individuals and affluent customers through more than 74 locations in 47 countries. American Express International Deposit Company is based in the Cayman Islands and issues short-term, fixed rate certificates of deposit to AEB customers. -------------------------- (1) Based on an exchange rate of USD 1.9908 : GBP £1 This information is provided by RNS The company news service from the London Stock Exchange
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