Standard Chartered snaps up Singapore based business finance specialist
Standard Chartered (LON:STAN) has agreed the acquisition of a
SME-focused financing business in Singapore. It did not disclose the
price, but said the business's gross assats were worth US$132 million
at 31 December 2009. The company said that the deal will “up-tier” its
specialist advisory capabilities, and enhance the range of product and
services offered to both new and existing SME customers in Singapore.
The
acquired business, GE Commercial Financing Singapore, is a specialist
in SME factoring and hire purchase business. The financial terms of the
deal were not disclosed. The company noted that all necessary regulatory
approvals have already been obtained, and the transaction is expected
to close by the end of July 2010.
"This acquisition is strategic
as it adds capability to our SME business, further strengthens our
franchise in Singapore and helps us become a core bank to our SME
customers”, Standard Chartered’s Regional Head of Consumer Banking Ajay
Kanwal said.
“Given our longstanding and strong commitment to the SME business, this enhanced expertise will benefit our customers with increased financing options to capitalise on business opportunities."
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