Standard Chartered Agrees To Transfer Banking Operations In Afghanistan
March 28 2012 - 11:03AM
Dow Jones News
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.
MAIN FACTS:
-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;
razak.baba@dowjones.com
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