Standard Chartered Buys American Express Bank |
| CNNMoney.com - Sep 18, 2007 |
Standard Chartered PLC said Tuesday it has agreed to acquire the American Express Bank Ltd. unit of American Express Co. ( AXP).
The U.K.-based international bank said the consideration was equal to the net asset value of American Express Bank at completion plus $300 million, and calculated the NAV as of June 30 at $860 million.
It said the initial sum represents 14.3 times AmEx Bank's annualized 2007 first-half pretax profit and 1.5 times its net asset value.
American Express put the final purchase price at about $1.1 billion, a sum that includes an additional payment for the residuals of AmEx's Cayman Islands subsidiary after its assets are wound down over the next 18 months and its customers migrated to Standard Chartered.
Read Full Article from CNNMoney.com
- Posted: 2007-09-18 09:28:08
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