STAN acquires Singapore SME f

RNS Number : 1759P

Standard Chartered PLC

12 July 2010

 



Standard Chartered PLC - Acquisition of Business

12 July 2010

                                   

Standard Chartered to acquire specialist SME factoring and
hire purchase financing in Singapore

 

Standard Chartered PLC announces that Standard Chartered Bank ("Standard Chartered") has signed an agreement to acquire GE Commercial Financing (Singapore) Ltd, a specialist in SME factoring and hire purchase financing in Singapore.

 

The acquisition will up-tier specialist advisory capabilities in Standard Chartered's SME business and enhance the range of product and service solutions that can be offered to both new and existing SME customers in Singapore.

All necessary regulatory approvals have been obtained and the transaction is expected to be completed by the end of July 2010. 

Commenting on the acquisition, Ajay Kanwal, Regional Head of Consumer Banking, Singapore and Southeast Asia, Standard Chartered Bank, said: "This acquisition is strategic as it adds capability to our SME business, further strengthens our franchise in Singapore and helps us become a core bank to our SME customers.  Given our longstanding and strong commitment to the SME business, this enhanced expertise will benefit our customers with increased financing options to capitalise on business opportunities."

The gross assets of the underlying business being acquired were SGD183 million or USD132 million equivalent, as at 31 December 2009. 

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For further information, please contact:

Investors

Stephen Atkinson                                Ashia Razzaq

Head of Investor Relations                   Head of Investor Relations, Asia Pacific

[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, Hong Kong and Mumbai 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 its 75,000 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, please visit: www.standardchartered.com

 

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