Kathmandu, September 18:

Standard Chartered PLC has signed an agreement to acquire American Express Bank Ltd (AEB).

AEB, a wholly-owned subsidiary of American Express Company (AXP), is a leading international bank present in 47 countries. The acquisition provides Standard Chartered with an opportunity to add capability and boost two strategically important businesses of the company, states a press note.

Following the acquisition, it will double the size of Standard Chartered’s US dollar clearing business and provide a direct Euro and Yen clearing capability. AEB will also fast track the development of the Standard Chartered Private Bank.

“We are delighted to welcome employees and customers of AEB into Standard Chartered. Acquisition will add capability and scale to two of the group’s strategically important businesses,” the release quoted Peter Sands, CEO of Standard Chartered Group, as saying.