Standard Chartered Disposes Its AMC Business To IDFC

Standard Chartered PLC announces that it has agreed to sell Standard Chartered Trustee Company and Standard Chartered Asset Management Company, including minorities, to Infrastructure Development Finance Company (IDFC) for a total cash consideration of approximately US$ 205 million. The consideration is before deductions for local taxes and deal expenses.

The companies mentioned above represent the mutual fund manufacturing business of Standard Chartered in India. The transaction does not include Standard Chartered’s mutual fund distribution business, which Standard Chartered will continue to pursue.

Jaspal Bindra, Chief Executive Officer, Asia, said: “IDFC is a well respected financial services company and we are delighted to have reached an agreement with them for the sale of this business. Standard Chartered will remain a distributor of asset management products in India. India is a key market and delivered record results in 2007.”

Dr. Rajiv Lall, Managing Director and Chief Executive Officer of IDFC said: “We are pleased to acquire a quality asset management platform. This is in line with our wider strategy of broadening our footprint in the asset management business and diversifying our fee-based revenue streams.”

This transaction is subject to certain regulatory approvals and other closing conditions, and is expected to complete in the second quarter of 2008.