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 these staff will transfer to Standard Chartered.

The portfolio of assets includes projects in the power and utilities sector, as well as oil and gas, covering upstream projects, LNG and midstream...

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