StanChart's 2nd branch at Gulshan marks completion of Amex purchase
The launch of the new branch of Standard Chartered Bank (SCB) at Gulshan in Dhaka on Sunday came following the successful completion of SCB's purchase of American Express Bank Ltd business and branches in Bangladesh, says a press release.The inauguration marked the successful conversion of American Express Bank Ltd's (AEBL) Gulshan branch licence to that of SCB following the latter's recent purchase of AEBL's domestic business and branches in Bangladesh. Muhammad A (Rumee) Ali, deputy governor of Bangladesh Bank, inaugurated StanChart's second branch at Gulshan. In June this year, SCB formally announced that it had signed an agreement to acquire the domestic banking business and branches of AEBL in Bangladesh and on 31 July 2005, the transaction was formalised following relevant statutory approvals. Over a three month transition period ending 31st Oct 2005, all the assets and liabilities of AEBL, including customer deposits and loans, will be transferred to SCB. It is planned that AEBL will cease to operate as a commercial bank in Bangladesh with effect from Nov 1 this year and all its branches and cash booths will be converted to the SCB brand and operating platform by such date, the release added.
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