ANZ exits project finance in strategic countries

Standard Chartered completes acquisition of about three quarters of ANZ Bank''s project finance book.

Standard Chartered has bought ANZ Bank's London-headquartered project finance business in a deal first mooted in October last year. Standard Chartered is believed to have paid no premium over book value for the $1.5 billion in loans, swaps and commitments - a price which points to ANZ's eagerness to exit the business.

The business operates in the Middle East, South Asia, Africa, Europe and the Americas and employs about 60 staff. A large number of...

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