KARACHI, Sept 5: Standard Chartered PLC announced on Tuesday that its subsidiary company, Standard Chartered Bank (Pakistan) Limited, has completed the acquisition of 95.37 per cent interest in Union Bank Ltd.

The bank said it had paid an amount of $487 million for the purchase of Union Bank.

Pursuant to the acquisition, Standard Chartered Bank will submit a scheme of amalgamation to the State Bank of Pakistan. On approval, Union Bank and Standard Chartered Bank would amalgamate into Standard Chartered Bank (Pakistan) Ltd, said a press release issued by the bank.

The release said Union Bank provided Standard Chartered with a significant opportunity for growth in both consumer and wholesale banking through product innovation, wider distribution reach and leveraging Standard Chartered’s international network.

”Our overriding priority will be to ensure that we maintain the highest standards of service for our customers. For customers of both banks, it will be business as usual until further notice,” said the release.

Badar Kazmi, chief executive officer, Standard Chartered Pakistan, said in a statement: "I am delighted with the completion of the acquisition of Union Bank Limited. The merger with Union Bank demonstrates Standard Chartered’s commitment to Pakistan and presents tremendous opportunities. This acquisition is transformational for Standard Chartered in Pakistan. It will be beneficial for the customers in terms of our ability to provide value-added sophisticated products and services that match our customers’ needs.”

“It will also provide a strong platform for personal and professional development and growth to all staff across the bank," he added.