Standard Chartered Bank today said it has entered into an agreement to acquire Singapore-based GE Commercial Financing for an undisclosed amount and expects to complete the transaction by the end of this month.
The acquisition is part of the British lender's aim to expand footprints in the small and medium enterprises (SME) segment in the South-East Asian nation, Standard Chartered Plc said in a filing to the Bombay Stock Exchange.
"All necessary regulatory approvals have been obtained and the transaction is expected to be completed by the end of July 2010," it said.
GE Commercial Financing is a specialist in SME factoring and hire purchase financing, and has assets of $132 million as on December 31, 2009
"This acquisition is strategic as it adds capability to our SME business, further strengthens our franchise in Singapore and helps us become a core bank to our SME customers," Standard Chartered Bank Regional Head of Consumer Banking (Singapore and South-East Asia) Ajay Kanwal said.
Standard Chartered is listed in London, Hong Kong and Mumbai stock exchanges. It is present in over 70 countries and around 1,700 offices across the globe.