StanChart completes merger, drops Grindlays tag

Tuesday, 03 September 2002, 07:00 Hrs
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NEW DELHI: Standard Chartered Bank, which acquired the Grindlays operations in the Middle East and South Asia from ANZ Banking Group two years ago, has completed the formal integration.

With the exercise over, Standard Chartered or Stanchart would now operate without the tag of Grindlays in India, a spokesperson said.

The integration has been given formal approval of the Reserve Bank of India from August 31, 2002. The acquisition had taken place on July 31, 2000.

A leading foreign bank in the country, Stanchart's assets in India are currently valued at around 290 billion. It is present in 15 cities across the country.

"The merger will create the premier international bank in India and put us in a position to deliver significant benefits in terms of network, products and services," Stanchart CEO Jaspal Bindra for India said in a statement Monday.

Stanchart is in the process of expanding its branch network from 61. New branches in Chandigarh, Ludhiana, Lucknow and Jaipur will be operational by yearend. More branches are planned in new cities.

In June, Standard Chartered and Standard Charter Grindlays announced a combined operating profit of 8.48 billion.

Source: IANS
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