Standard Chartered to acquire Asia Trust and Investment
Source: 10-OCT-2008 Intellasia | Banking-Business-Review
Oct 10, 2008 - 7:00:00 AM Standard Chartered Bank Taiwan has been named as the preferred bidder in a government auction to acquire the 'good bank' portion of Asia Trust and Investment in Taiwan.

Standard Chartered said that this acquisition will increase its island-wide presence from 88 to 95 branches, and in particular strengthen its presence in Greater Taipei.

Under the terms of the transaction, Standard Chartered Bank Taiwan will be able to relocate up to seven additional branches to Taipei, giving the bank the opportunity to expand its scale and reach in the Greater Taipei region.

The transaction, which is subject to certain conditions, including regulatory approvals, is expected to be completed by the end of 2008.

Jaspal Bindra, CEO of Standard Chartered for Asia, said: "Taiwan is a key market for Standard Chartered, and core to our Greater China strategy. This acquisition allows us to strengthen our network in Taipei, home to the most affluent bank customers in Taiwan. It also enables us to gain further leverage from our acquisition of Hsinchu International Bank in 2006 which gave us a strong platform in Taiwan."