Standard Chartered announces its acquisition of the African custody business from Barclays

28 April 2010

Standard Chartered has entered into an agreement to acquire the African custody business from Barclays PLC. This will provide Standard Chartered with custody capabilities in its markets across Africa. The acquisition is subject to certain regulatory and other approvals, and is expected to be completed in 2010.

The African custody business forms a key part of Standard Chartered's build-out of international custodian services, alongside existing capability in Asia and the Middle East. The acquisition adds direct custody capabilities in eight African markets (Botswana, Ghana, Kenya, Mauritius, Tanzania, Uganda, Zambia and Zimbabwe) and indirect capabilities in a further eight markets (Egypt, Cote d'Ivoire, Malawi, Morocco, Namibia, Nigeria, Tunisia and South Africa) provided through a network of third party sub-custodians via an operations hub in Mauritius. The new business will strengthen Standard Chartered's regional product offering for both international and regional businesses, strengthening client relationships, whilst providing an additional source of liquidity to the Group.

As at 31 December 2009, the gross asset value that is the subject of the transaction was approximately USD3 million and customer assets under custody were approximately USD6.2 billion.

Commenting on the deal, Karen Fawcett, Group Head of Transaction Banking, said: "We are very pleased to have secured the acquisition of Barclays' African custody business. This deal will ensure that we rapidly develop our custody capabilities in our core markets across Africa. It will also enable us to enhance our Wholesale Banking proposition and deepen our relationships with clients, meeting their increasing requirements for broader regional services."

Barclays PLC's African custody business has been consistently recognised as the Best Custodian Bank in Africa, receiving 19 awards in the 2008 Global Custodian Magazine Survey.

Mike Hart, CEO, Africa, said: "We continue to seize the opportunities that are presenting themselves in Africa. Following the publication of our record results in Africa in 2009, we remain confident in our strategy to deliver long-term, sustainable growth."

This acquisition is another demonstration of the significant investment Standard Chartered Bank has been making in its African franchise over the last few years, following its recent purchase of First Africa (a leading African M&A advisory business) in 2009 and the opening of its new representative office in Angola, its fourteenth African market in early 2010.

For further details please contact:

Jonathan Angliss
Head of Corporate Affairs, Africa
+971 4 508 3274

Lauren Callie
Head of Corporate Affairs, South Africa
+27 (0)82 894 5581

Notes to Editors

Standard Chartered - leading the way in Asia, Africa and the Middle East

Standard Chartered PLC is a leading international bank, listed on the London and Hong Kong stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.

With 1700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for its 75,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank's heritage and values are expressed in its brand promise, 'Here for good'.

Standard Chartered Africa

Standard Chartered has operated in Africa for over 146 years and the region remains a core part of the Bank's Group Strategic Intent. Standard Chartered Bank has over 160 branches in 14 African countries and over 6,000 staff. Standard Chartered Africa is a highly respected, well established "household name", with deep-rooted local knowledge and experience. The Bank also has a unique international footprint which enables it to facilitate the growth of international trade corridors between Africa and the rest of the world. And with world-class suites of products, services, distribution channels and systems, the Bank provides customers with increasingly sophisticated and pioneering banking services – unrivalled in Africa.

In South Africa, Standard Chartered is focused on its successful Wholesale Banking strategy, leveraging its international footprint and expertise for the benefit of South African corporates and multinationals. In addition to the Bank's lending and financial markets capabilities, the Johannesburg Branch boasts 'Regional Centres of Expertise' such as Agricultural Finance, Project & Export Finance, Private Equity, Transaction Banking as well as mergers and acquisitions expertise within the Corporate Advisory and Finance team.

For more information on Standard Chartered, please visit

Barclays Bank PLC

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate banking, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 144,000 people. Barclays moves, lends, invests and protects money for over 48 million customers and clients worldwide.

For further information about Barclays, please visit

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