StanChart completes acquisition of American Express Bank

Standard Chartered PLC announced on Friday that it has received all the required approvals leading to the completion of its acquisition of American Express Bank (AEB) Ltd from the American Express Company (AXP).
The total cash consideration for the acquisition is US$ 823 million, says a press release.
The acquisition of AEB provides Standard Chartered with an opportunity to add capability, scale and momentum in the strategically important financial institutions and private banking business.
AEB will enhance Standard Chartered's private banking presence in its key markets, leveraging on its advantage to grow market share and build scale in existing markets like Singapore, Hong Kong, India and the Middle East.
It will also add capability in trust, fiduciary services, margin trading, wraps, and extend geographic reach with new booking centres in Geneva, Monaco, Miami, New York and London.
The acquisition doubles Standard Chartered's US dollar clearing business, reinforcing its position among the leading US dollar clearing businesses. In addition, AEB provides Standard Chartered with a direct euro and yen clearing capability.
In Bangladesh, financial institutions business of Standard Chartered will benefit from the acquisition.