The acquisition of American Express Bank will provide Standard Chartered with an opportunity to add capability, scale and momentum in the strategically important financial institutions and private bank businesses.
The integration is expected to take approximately 24 months to complete. The majority of planned integration costs will be borne in the first 12 months following completion of the transaction. The benefits of combining the two businesses are expected to flow through rapidly, and will significantly enhance the earnings capacity of the acquired business.
Standard Chartered intends to finance the acquisition from internal cash resources and its ongoing debt funding program.
