Standard Chartered acquires Union Bank

Published September 6, 2006

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.

Opinion

Editorial

Skyrocketing prices
Updated 03 Jul, 2022

Skyrocketing prices

Some sellers are seeking to take advantage of the prevailing disorder by creating artificial shortages or jacking up prices.
Flooding alert
03 Jul, 2022

Flooding alert

THE Gilgit-Baltistan government has issued an alert about the possible flooding of areas along river banks and...
Assaulting journalists
03 Jul, 2022

Assaulting journalists

ANOTHER day, another citizen roughed up for speaking his mind. The assault on veteran journalist Ayaz Amir by...
Uncertainty remains in Punjab
Updated 02 Jul, 2022

Uncertainty remains in Punjab

With the latest verdict, the judiciary seems to have unintentionally entered the political arena, which is not desirable.
Turbulence in tech
02 Jul, 2022

Turbulence in tech

THE party seems to have cooled considerably for the Pakistani start-up scene. With some of the world’s biggest...
Environmental cost
02 Jul, 2022

Environmental cost

THE collective impact of climate-disaster-health hazards are already taking a huge toll on Pakistan’s fragile...