StanChart to acquire GE Money

RNS Number : 9415Z

Standard Chartered PLC

24 January 2011

 



Standard Chartered PLC - Acquisition of Business

24 January 2011

 

Standard Chartered to acquire leading auto and personal loans business in Singapore

 

Standard Chartered PLC announces that Standard Chartered Bank ("Standard Chartered") has signed an agreement to acquire GE Money Pte. Ltd, a specialist in auto and personal loans in Singapore.

 

The transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2011.

The gross assets of the underlying business being acquired were SGD2,350 million, or USD1,807 million equivalent, as at 31 December 2009.

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For further details please contact:

Investors

Stephen Atkinson                                          Ashia Razzaq

Head of Investor Relations                           Head of Investor Relations, Asia

[phone]                                   [phone]

[e-mail]                         [e-mail] 

Media

Eva Ang

Head of Corporate Affairs, Singapore

[phone]

[e-mail]                                        

Note to Editors:

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

Standard Chartered PLC is a leading international bank, listed on the London and Hong Kong stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.

With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 staff. It 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. The Bank's heritage and values are expressed in its brand promise, 'Here for good'.

For more information on Standard Chartered, please visit www.standardchartered.com 

GE Money

GE Money in Singapore is a wholly owned subsidiary of GE Capital.  GE Money offers a range of consumer financial services in Singapore.

GE Money is committed to operating a responsible and sustainable lending portfolio. With some of the world's most sophisticated risk management expertise and analytics. GE Money takes prides in its commitment towards responsible lending by offering customers highly competitive products.

GE Money, the consumer finance services unit of General Electric, is a global provider of banking and financial services to consumers, retailers and business partners.

For more information on GE Money, please visit www.gemoney.com.sg 

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