Press Release
Standard Chartered announces its acquisition of the African custody business from Barclays
Region: Africa Published by:
Jai GANESH
Date:
28 April 2010
Custody Services
27 April 2010 - Standard Chartered has entered into an agreement to acquire the African custody business from Barclays Bank PLC. This will provide Standard Chartered with custody capabilities in its markets across Africa. The acquisition is subject to certain regulatory and other approvals, and is expected to be completed in 2010.
The African custody business forms a key part of Standard Chartered’s build-out of international custodian services, alongside existing capability in Asia and the Middle East. The acquisition adds direct custody capabilities in eight African markets (Botswana, Ghana, Kenya, Mauritius, Tanzania, Uganda, Zambia and Zimbabwe) and indirect capabilities in a further eight markets (Egypt, Cote d’Ivoire, Malawi, Morocco, Namibia, Nigeria, Tunisia and South Africa) provided through a network of third party sub-custodians via an operations hub in Mauritius. The new business will strengthen Standard Chartered’s regional product offering for both international and regional businesses, strengthening client relationships, whilst providing an additional source of liquidity to the Group.
Commenting on the deal Karen Fawcett, Group Head of Transaction Banking at Standard Chartered, said: “We are very pleased to have secured the acquisition of Barclays’ African Custody business. This deal will enable Standard Chartered to rapidly develop our custody capabilities in our core markets across Africa. We are already seeing ongoing demand for regional and international investment services across this region. Standard Chartered remains committed to providing clients with an integrated set of solutions that promote ongoing growth of this industry. With this acquisition, we will enhance our custody offering and continue to gain a strong foothold as Core Bank to our clients in Africa.”
Barclays Bank PLC’s African custody business has been consistently recognised as the Best Custodian Bank in Africa, receiving 19 awards in the 2008 Global Custodian Magazine Survey.
This acquisition is another demonstration of the significant investment Standard Chartered Bank has been making in its African franchise over the last few years, following its recent purchase of First Africa (a leading African M&A advisory business) in 2009 and the opening of its new representative office in Angola, its fourteenth African market in early 2010.
For further details please contact:
Jai Ganesh
Corporate Affairs, Group Wholesale Banking
Tel: +65 67257752
Email: M-Jai.Ganesh@sc.com
Note to editors:
About Standard Chartered Bank
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is a leading international bank, listed on the London and Hong Kong 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 1700 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 on Standard Chartered, please visit www.standardchartered.com
About Standard Chartered Africa
Standard Chartered has operated in Africa for over 146 years and the region remains a core part of the Bank’s Group Strategic Intent. Standard Chartered Bank has over 160 branches in 14 African countries and over 6,000 staff. Standard Chartered Africa is a highly respected, well established “household name”, with deep-rooted local knowledge and experience. The Bank also has a unique international footprint which enables it to facilitate the growth of international trade corridors between Africa and the rest of the world. And with world-class suites of products, services, distribution channels and systems, the Bank provides customers with increasingly sophisticated and pioneering banking services – unrivalled in Africa.
Barclays Bank PLC
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate banking, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 144,000 people. Barclays moves, lends, invests and protects money for over 48 million customers and clients worldwide.
For further information about Barclays, please visit www.barclays.com
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