Standard Chartered to invest

RNS Number : 4906O

Standard Chartered PLC

30 June 2010

 



Standard Chartered PLC

30 June 2010

                                   

 

Standard Chartered to be cornerstone investor in

Agricultural Bank of China

 

 

Standard Chartered PLC ("Standard Chartered") announces that Standard Chartered Bank will invest US$500 million as a cornerstone investor in Agricultural Bank of China Limited's H-Share Initial Public Offering (IPO) in Hong Kong. The two banks recently signed an agreement to develop new business opportunities together.

 

Agricultural Bank of China is one of the top four commercial banks in China and has the largest domestic distribution network with over 23,000 branches and outlets, servicing approximately 2.6 million corporate customers and 320 million retail customers. Headquartered in Beijing, the bank uniquely has strong positions in both urban and county areas. It had total assets of US$1,306 billion at 31 December 2009.

 

Peter Sands, Group Chief Executive of Standard Chartered, commented:

 

"Agricultural Bank of China is a great bank with a great future. This investment is a natural next step in our longstanding relationship and it underpins our recent agreement to develop business together. China is a key market for us and our partnership is a strong symbol of our commitment there."

 

Both parties have agreed to explore opportunities for collaboration across Standard Chartered's international network and Agricultural Bank of China's extensive domestic network. This may include global financial markets, capital markets, international trade corridors, SME and consumer finance sectors. The partnership may also share knowledge, for example in economic research, and staff training.

 

The transaction is subject to the successful completion of Agricultural Bank of China Limited's IPO. The consideration will be financed from Standard Chartered's internal cash resources and will be for the number of shares with a total value at the offer price of the HK$ equivalent of US$500 million.

 

 

For further information, please contact:

 

Stephen Atkinson, Head of Investor Relations           [phone]

Ashia Razzaq, Head of Investor Relations, Asia       [phone]

Jon Tracey, Head of Media Relations                         [phone]

 

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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