Standard Chartered Bank's Acquisition of American Express Bank (A)

            
 
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Case Details:

Case Code : BSTR347
Case Length : 18 Pages
Period : 2007
Pub Date : 2009
Teaching Note :Not Available
Organization : Standard Chartered Bank / American Express Bank
Industry : Banking / Financial Services
Countries : UK, USA

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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"It looks like a good deal for Standard Chartered, they should be able to grow the business quite nicely and it will help lift the private-banking side." 1

- Mike Trippitt, Analyst, Oriel Securities Limited (London)2, in 2007.

"This transaction represents an exciting development for the customers and employees of AEB. Becoming part of a major global financial institution whose primary focus is on international banking will afford attractive expanded opportunities for our business." 3

- W. Richard Holmes, Chairman and Chief Executive Officer, American Express Bank, in 2007.

Introduction

On September 18, 2007, the UK-based Standard Chartered Bank (StanChart) entered into an agreement with American Express Company (American Express) to acquire its international subsidiary, the Miami, US-based American Express Bank (AEB), for about US$ 860 million, subject to regulatory approvals. Analysts were of the view that the acquisition would enhance Standard Chartered's businesses by adding scale, capability, and much needed momentum in two of its strategically important and highly profitable businesses - clearing and private banking. In the case of the clearing business, the acquisition was expected to catapult StanChart from the eighth largest player in the world to the sixth largest player by doubling its dollar clearing business4.

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1] Ben Livesey, Elena Logutenkova, "Standard Chartered to Buy American Express Bank Unit," www.bloomberg.com, September 18, 2007.
2] Oriel Securities is a London-based stock broking house established in 2002 and offers its services to individuals, corporate and varied types of clients. It offers professional services in Corporate Finance, Corporate Broking, Research, and Sales and Trading.
3] "Stanchart to Acquire American Express Bank for $860 Mn", The Economic Times, September 19, 2007.
4] "Standard Chartered to Acquire American Express Bank for US$ 860 Million", www.domain-b.com, September 18, 2007.


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