Disposal of business

RNS Number : 6835M

Standard Chartered PLC

03 February 2009

 



STANDARD CHARTERED PLC - DISPOSAL OF ITS GLOBAL INVESTMENT DISTRIBUTION BUSINESS 

3 February 2009

Standard Chartered Bank to sell its Global Investment Distribution business 

Standard Chartered Bank ('Standard Chartered') announces that it has agreed to sell its Global Investment Distribution business ('GID') which includes Standard Chartered Investments (Luxembourg) S.A. to Threadneedle Asset Management Holdings Sàrl.

GID was acquired as part of Standard Chartered's purchase of American Express Bank Ltd. in 2008. It manufactures, distributes and provides fund administration support to two Luxemburg based investment funds. As at 31 December 2008, the gross assets that are the subject of the transaction were approximately USD 3.1million. 

This transaction is subject to certain regulatory approvals and other closing conditions.

For further information, contact:

Investors

Stephen Atkinson    
Head of Investor Relations    
[phone]

[e-mail]    

Press

Arijit De     

Head of Media Relations    
+ 44 (0)20 7885 7163    
[e-mail]    

Note to Editors:

Standard Chartered PLC

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

Threadneedle Asset Management Holdings Sàrl

Threadneedle was founded in 1994. It actively manages £51bn *of assets providing investment solutions for pension schemes, insurers, private investors, corporations, mutual funds and affiliate group companies.  

*US$73bn, €52bn. Source: Threadneedle, as at 31.12.2008.

Threadneedle has investment expertise across equities, bonds, property and hedge funds with over 140 talented investment professionals all based in London.

Threadneedle reaches customers in 16 countries, across four continents and has over 500 staff members in twelve locations: United Kingdom, Germany, Austria, France, Switzerland, Netherlands, Sweden, Denmark, Spain, Italy, Hong Kong and Singapore. For more information, visit www.threadneedle.com

Threadneedle is the international investment platform and subsidiary for Ameriprise Financial, a leading US financial planning and services company with more than 12,000 financial advisors and registered representatives that provides solutions for clients' asset accumulation, income management and insurance protection needs. Ameriprise Financial was formerly known as the American Express Financial Corporation. It is an independent, publicly traded company (NYSE: AMP). For more information, visit www.ameriprise.com. 

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