Mumbai: Global banking major Standard Chartered today said its subsidiary, Standard Chartered Bank (Hong Kong), has agreed to acquire leading financial services firm Cazenove Asia from JPMorgan Cazenove for an undisclosed sum.
The acquisition, which is subjected to regulatory approvals, is expected to be completed in the first quarter of 2009. As per the agreement, StanChart will acquire 100 per cent stake in the brokerage firm, the bank said in a statement issued here today.
“Standard Chartered is investing where we see opportunities to grow our businesses...Cazenove Asia has a strong management team and the business is a great cultural and geographic fit for us,” Standard Chartered’s Asia CEO Jaspal Bindra said.
A member of the Hong Kong Stock Exchange, Cazenove has offices in New York, London, Singapore, Shanghai and Beijing. In the Asian region, the company is mainly engaged in corporate finance and equity sales, trading and research for institutional clients.
Since 1997, the company has been a part of 218 transactions valued at over $98 billion on behalf of clients in the region, the company said.
The acquisition is expected to give a strong equity markets platform to StanChart to offer its clients financing, distribution, equity research and enhanced advisory capabilities, the bank said.