Transfer of business in Afghanistan

RNS Number : 2855A

Standard Chartered PLC

28 March 2012

 



Standard Chartered agrees transfer of business in Afghanistan

28 March 2012

Standard Chartered has agreed to transfer its banking operations in Afghanistan to a leading local bank, Afghanistan International Bank (AIB). The agreement is subject to certain regulatory approvals and is expected to be completed by the end of 2012.

As part of the arrangement, Standard Chartered will maintain a correspondent banking relationship with AIB which will enable it to continue to serve its clients doing business in Afghanistan both locally and from offshore, while the local operations will transition to AIB.

As of 31 December 2011, Standard Chartered's business in Afghanistan consisted of one branch, nine ATMs and gross assets of USD229 million.

ENDS

For further details please contact:

Standard Chartered

James Hopkinson, Head of Investor Relations

Tel: [phone]

[e-mail]

Shaun Gamble, Senior Manager External Communications

Tel: [phone]

[e-mail]

Note to Editors:

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

Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world's most dynamic markets and earns more than 90 per cent of its 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. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.

With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for nearly 87,000 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. Standard Chartered's heritage and values are expressed in its brand promise, 'Here for good'.

For further information please visit www.standardchartered.com.  Follow Standard Chartered at www.facebook.com/standardchartered and on Twitter @StanChart.

 

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