Standard Chartered Bank will complete the acquisition of the banking business of Standard Chartered Grindlays Bank in the United Arab Emirates (UAE) on December 31, stated a press release.
Standard Chartered Grindlays Bank will cease business by year-end, following a two-year long integration period; during which time most of Grindlays customer base transferred their business to the Standard Chartered Bank network.
The integration of the two banks will eventually lead to an 11-strong branch network. At present, Standard Chartered Bank has seven branches in the UAE. A similar integration has already taken place in India and Pakistan, while the rest of the Middle East and South Asia region, Bangladesh, Bahrain, Jordan, UAE and Sri Lanka, will complete the legal requirements by year end.
In the UAE, Standard Chartered has a consumer-banking network comprising seven branches and 22 automated teller machines (ATMs). Standard Chartered is the leading provider of cash management trade finance, and treasury products and services in the UAE. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
