BUDGET 2000
SPECIALS
INTERVIEWS
COMMENTARY
GOVT&ECONOMY
Y2K: BIZ FEATURES
INDIA & THE WTO
CREDIT POLICY
BIZ IN THE USA
CARS & MOBIKES
MANAGEMENT
CASE STUDY
BIZ-QUIZ
USEFUL INFO
ARCHIVES
NEWSLINKS
SEARCH REDIFF

Stanchart buys ANZ Grindlays' Mid-East, South Asia business

Standard Chartered Bank and ANZ Grindlays announced today have signed an agreement for Standard Chartered to acquire Grindlays business in the Middle East and South Asia and ANZ Grindlays' international private banking business.

The total consideration is approximately $ 1.34 billion.

The combined business will have around 9000 employees and 116 branches in 17 countries in the region, with over 2.2 million customers.

The deal will make the combined business the no. 1 or a strong no. 2 in all the countries of the region.

John Filmeridis, regional general manager and chief executive, India, Standard Chartered Bank, said, ''This is a landmark transaction in the local banking industry and creates a premier international bank with substantially enhanced market share."

UNI

Business