Standard Chartered to buy Amex Bank

摘要

Emerging markets specialist Standard Chartered has agreed to buy the banking unit of American Express (AEB) for about $860m, gaining branch licences in India arid Taiwan and adding wealthy clients to its newly launched private banking operation. The acquisition will also double Standard Chartered's dollar-clearing business.rnAmerican Express, die world's third largest credit card network, said it would get extra payments over the next 18 months from the sale of the residuals of a banking unit, based in the Cayman Islands, to Standard Chartered, bringing the total value of the deal to $ 1.1bn.