Standard Chartered Acquires Barclays' African Custody Business
Standard Chartered has acquired the African custody business of Barclays Bank. This will provide Standard Chartered with custody capabilities in its markets across Africa. The acquisition is subject to certain regulatory and other approvals and is expected to be completed in 2010.
Karen Fawcett, group head of transaction banking at Standard Chartered, said: “We are very pleased to have secured the acquisition of Barclays’ African custody business. This deal will enable Standard Chartered to rapidly develop our custody capabilities in our core markets across Africa. We are already seeing ongoing demand for regional and international investment services across this region. Standard Chartered remains committed to providing clients with an integrated set of solutions that promote ongoing growth of this industry. With this acquisition, we will enhance our custody offering and continue to gain a strong foothold as a core bank to our clients in Africa.”