Standard Chartered, through its subsidiary Standard Chartered Bank (Hong Kong) Limited, has announced it has fully acquired Cazenove Asia Limited, a leading Asian equity capital markets, corporate finance and institutional brokerage business, from JPMorgan Cazenove.

According to a press release received from the bank, Cazenove Asia, a member of the Hong Kong Stock Exchange, has offices in Hong Kong, Singapore, Beijing and Shanghai, and sales teams in London and New York.  The acquisition provides Standard Chartered a strong equity markets platform to offer clients a wider range of transactions in key markets.

Mike Rees, CEO Wholesale Banking, Standard Chartered Bank, is reported as saying:
"We are delighted to welcome the Cazenove Asia team to Standard Chartered. The Cazenove Asia business is highly complementary to our existing business and represents a further build-out of our equity capital markets capability. Especially in Asia, where we expect markets to grow faster than in the West, we see tremendous opportunities to offer clients, distribution, equity research, enhanced advisory capabilities and institutional equity brokerage."

The release went on to say that Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and the number of employees have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions

The release further stated that Standard Chartered aspires to be the best international bank for its customers across its markets. The Bank, it adds, derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has around 1,750 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.

Cazenove Asia Limited;
Cazenove Asia has offices in Hong Kong, Singapore, Beijing and Shanghai, and sales teams in London and New York. It opened its first Asian office in Hong Kong in 1974 when it became a member of the Hong Kong Stock Exchange. The primary activities of the Asian operations are corporate finance and equity sales, trading and research for institutional clients.

Cazenove Asia's corporate finance team has a dedicated capital markets operation leading and participating in equity transactions and also M&As, on behalf of Asian issuers.  It provides corporate broking and financial advice using its sector specialists.  Since 1997, Cazenove Asia has been involved in 218 issues valued at over US$98 billion on behalf of clients in the region.  In 2007, it won the FinanceAsia award for the Best Mid-Cap IPO, the release concludes.