Standard Chartered has signed an MOU with ANZ to purchase part of the Australian bank's global project finance business. The deal is expected to close by December 2004 although no price has yet been agreed.
The purchase will see Standard Chartered acquire $1.5 billion in loans and commitments as well as a team of 60 bankers in offices in London, New York, Mumbai and Bahrain. According to ANZ, the final price paid is not likely to be substantially above the book value of the assets.
Most of the loans are for projects based in the Middle East and South Asia, reflecting ANZ's historic presence in...
