StanChar Expands In Asia Despite Crisis

Standard Chartered Bank (Hong Kong), a subsidiary of Standard Chartered, has said it will acquire Cazenove Asia, a unit of the British brokerage firm Cazenove. Although Standard Chartered, which is listed in both London and Hong Kong, already takes 90% of its operating income from Asia, Africa and the Middle East, Cazenove's Asia operations will give its equity platform a major boost in the region, especially in China. Terms of the acquisition were not disclosed, but the bank said that it would fund the deal from internal resources and that the acquisition is expected to be completed in Q109.

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