Standard Chartered buys Cazenove Asia

Standard Chartered Bank Hong Kong, a subsidiary of Standard Chartered, will buy 100% of brokerage firm Cazenove Asia on financial terms which have been withheld. The deal, which is subject to regulatory approvals and is expected to be completed in the first quarter of 2009, strengthens Standard Chartered's position across the spectrum of equities products.

Cazenove is a British brokerage firm whose origins can be traced back to 1823. It opened its first Asia office in Hong Kong in 1974, the same year it became a member of the Hong Kong Stock Exchange. In addition to Hong Kong it currently has offices in New York, London, Singapore, Shanghai...