Nov 12, 2012
November 5th 2012 - Standard Chartered has completed the acquisition of 100% of the issued share capital of Credit Agricole Yatirim Bankasi Turk A.S. (“CAYBT”), a fully-owned subsidiary of Credit Agricole Corporate and Investment Bank. In line with Standard Chartered’s obligations, the purchase price is not disclosed.
The acquisition of CAYBT will allow Standard Chartered to expand its Turkish Wholesale Banking business. Trade with our footprint countries in Asia, Africa and the Middle East accounts for around 16% of Turkey’s total trade and links are growing – between 2004 and 2010 Turkey’s total trade with our footprint grew at a compound annual growth rate of around 15%.
As part of the deal, all fifteen full-time CAYBT employees will join Standard Chartered. CAYBT’s local management has strong corporate relationships and extensive knowledge of the local operating environment, which will complement our own relationships with Turkish financial institutions.
This acquisition continues the trend of capability acquisitions, with no change to our strategy, which is to grow organically where possible. However, we will undertake bolt-on acquisitions that allow further geographic or product coverage.
Richard Holmes, CEO, UK and Europe, commented: “Turkey is increasingly a part of our core footprint as many of our existing clients are using Turkey as a regional centre for the Middle East. In addition, we are now able to serve our clients better as they capitalise on the growing trade and investment opportunities in the Bank’s core geographies of Asia, Africa and the Middle East.”
Standard Chartered has had a representative office in Turkey since 2003, which will be integrated with CAYBT as quickly as possible.
Re-disseminated by The Asian Banker