standard-chartered-bank-pays-413-million-to-acquire-pakistani-bank

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.

By Sameera Anand

August 10, 2006

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 spanning 10 Pakistani cities.

Union Bank has shown impressive growth since it was established in 1991 and is today PakistanÆs 8th largest bank by market share. It serves about 400,000 retail customers through a network...

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