Standard Chartered (LSE:STAN)
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Standard Chartered PLC (STAN.LN), an international banking group, said Wednesday it has agreed to transfer its banking operations in Afghanistan to a local bank, Afghanistan International Bank.
-The agreement is subject to certain regulatory approvals and is expected to be completed by the end of 2012.
-As part of the arrangement, Standard Chartered will maintain a correspondent banking relationship with Afghanistan International Bank which will enable it to continue to serve its clients doing business in Afghanistan both locally and from offshore, while the local operations will transition to Afghanistan International Bank.
-As of Dec. 31, 2011, Standard Chartered's business in Afghanistan consisted of one branch, nine ATMs and gross assets of $229 million.
-Standard Chartered shares at 1430 GMT down 23 pence, or 1.4%, at 159 pence, valuing the company at GBP38.35 billion.
-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; email@example.com