Recapitalisation of Bank Bali

Standard Chartered PLC
15 December 1999


STANDARD CHARTERED WITHDRAWS FROM AGREEMENTS IN ORDER TO FACILITATE
RECAPITALISATION OF BANK BALI

Standard Chartered, with the agreement of the Indonesian Bank Restructuring
Agency (IBRA), has withdrawn from the Management and Investment Agreements
connected with the recapitalisation of PT Bank Bali.  This action has been
taken in order to remove any perceived impediments which it is claimed may
deter existing shareholders, investor groups or other parties from
participating in the Bank Bali rights issue.

If, following the rights issue, IBRA holds a controlling stake in Bank Bali
and decides to sell that stake, Standard Chartered will, subject to further
due diligence, submit a bid for that stake.

The staff of Bank Bali have been put in an untenable position, being forced to
choose between the Ramli family and the Standard Chartered management team
running the bank on behalf of IBRA.  Standard Chartered's staff have also been
put under intense personal pressure.

Standard Chartered remains committed to the speedy recapitalisation of Bank
Bali.  However, faced by continuing misinformation, it believes that this is
best achieved by its withdrawal from the two agreements.

The withdrawal will enable IBRA to move forward with the recapitalisation of
Bank Bali in a way that will remove confusion and uncertainty.

Rana Talwar, Group Chief Executive, Standard Chartered, commented:

'We remain fully committed to developing our operations in Indonesia and to
playing our part in the restructuring of Indonesia's banking system.  We
actively continue to build our presence in the emerging markets through
organic growth and by appropriate acquisitions where there is a good strategic
fit.'


For further information, please contact:

Pam McGann, Group Head of External Affairs       
     0171 280 7245
Tim Halford, Director of Corporate Affairs       
     0171 280 7159
Alex Blake-Milton, Regional Head of External Affairs, UK/Europe & USA      
     0171 280 7359