Standard Chartered Bank pays $413 million to acquire Pakistani bank

Standard Chartered is to pay $413 million to acquire 80.9% stake in PakistanÆs Union Bank making Standard Chartered the sixth largest bank in the country by market share of assets.

On August 9 Standard Chartered PLC announced that it will pay $413 million to acquire an 80.9% stake in PakistanÆs Union Bank. News of the transaction has been bubbling in the market for almost a month. The acquisition will make Standard Chartered the 6th largest bank in Pakistan by market share of assets.

The transaction will be effected by a Standard Chartered subsidiary, Standard Chartered Bank Pakistan Limited. In the country Standard Chartered currently has a network of 46 branches...

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