Standard Chartered Bank announced that it has completed the acquisition of American Express Bank after receiving all the required approvals including that of the Reserve Bank of India.
According to the statement released by the bank the total cash consideration for the acquisition is $ 823 million. The deal was announced in September last year.
The statement said the international acquisition has implications for India as well since both the banks have operations in the country, that AEB provides Standard Chartered with an opportunity to add capability, scale and momentum in the strategically important Financial Institutions and Private Bank businesses. It will bring 19 more markets under the Standard Chartered footprint.
"The acquisition of American Express Bank is strategically compelling as it significantly strengthens Standard Chartered Bank business in India, which is a key market for the Group," said Neeraj Swaroop, its Regional Chief Executive, India and South Asia.
"AEB deepens our presence in India, enhances our financial institutions business and fast tracks the private banking business, which we launched in 2007. The acquisition will help us to deliver economies of scale, a wider distribution reach and add new customers," Swaroop added.
The integration is expected to take approximately 2 years.