Standard Chartered to acquire American Express Bank

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Nawa Durga Finance Co
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Nawa Kantipur
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News item 19-9-2007

Standard Chartered PLC has signed an agreement to acquire American Express Bank Ltd (AEB). AEB, a wholly-owned subsidiary of American Express Company (AXP), is a leading international bank present in 47 countries. The acquisition provides Standard Chartered with an opportunity to add capability and boost two strategically important businesses of the company, states a press note. Following the acquisition, it will double the size of Standard Chartered’s US dollar clearing business and provide a direct Euro and Yen clearing capability. AEB will also fast track the development of the Standard Chartered Private Bank. “We are delighted to welcome employees and customers of AEB into Standard Chartered. Acquisition will add capability and scale to two of the group’s strategically important businesses,” the release quoted Peter Sands, CEO of Standard Chartered Group, as saying.

Other banking news and articles:

Banepa, city of banks (16-12-2007)
Vibor Bikas Bank launches Vibor Super Yield Deposit (14-12-2007)
Makwanpur Agriculture Development Bank provides new loans for unemployed (29-11-2007)
Garima Development Bank Limited opens in Waling Bazaar (24-11-2007)
Nepal bank back on track (16-11-2007)
Nabil Bank inaugurates nine new branches (13-11-2007)
More banks come into operations in Nepal (13-10-2007)
Nepal Merchant Banking and Finance to become a commercial bank (19-10-2007)
Sunrise bank starts operations (11-10-2007)
Everest bank starts mobile banking (27-9-2007)
Standard Chartered PLC to acquire American Express Bank (19-9-2007)
Excel Development Bank issues shares (20-8-2007)
Rastriya Banijya Bank reports profit (17-8-2007)
Ace Finance Company upgraded to Ace Development Bank (15-8-2007)
birat laxmi development bank issues shares (8-8-2007)
Profit Capital Merchant Banking & Finance (27-7-2007)
Nbbil bank provides dividend (15-7-2007)
Citizens Bank International kicks off commercial operation (21-4-2007)
Rastriya Banijya Bank opens branch in Banepa (8-2-2007)
Nepal Stock Exchange suspends trading of Nepal Credit and Commerce Bank (30-1-2007)
Development Credit Bank results (29-1-2007)
Buddha on bank notes (25-1-2007)
agricultural development bank loans (24-1-07)
recovery plan for bad loans (1-1-07)

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