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Mumbai, March 5 Standard Chartered PLC has announced that it has received all the required approvals, including that of the Reserve Bank of India to complete the acquisition of American Express Bank Ltd (AEB) from American Express Company (AXP). The total cash consideration for the acquisition is $ 823 million, said a statement.

The statement said that AEB provides Standard Chartered with an opportunity to add capability, scale and momentum in the strategically important Financial Institutions and Private Bank businesses. It will bring 19 more markets under the Standard Chartered footprint.

The integration is expected to take approximately 2 years.

“AEB deepens our presence in India, enhances our financial institutions business and fast tracks the private banking business, which we launched in 2007. The acquisition will help us to deliver economies of scale, a more complete product set, a stronger operating platform, a wider distribution reach and add new customers in the wholesale and consumer banking businesses,” said Mr Neeraj Swaroop, Regional Chief Executive, India and South Asia.

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