Standard Chartered buys Barclays' African custody arm

27th Apr 2010 14:40

Standard Chartered has agreed to buy Barclays' custody business in Africa for an undisclosed sum.The sale is expected to be completed in 2010, subject to regulatory approvals and other customary conditions.Barclays African custody business had gross assets of £1.9m and assets under custody of £3,862m as at 31 December 2009.Standard Chartered said the deal will strengthen its regional product offering for both international and regional businesses, strengthening client relationships and provide an additional source of liquidity.Commenting on the deal, Karen Fawcett, Standard Chartered's Head of Transaction Banking, said: "We are very pleased to have secured the acquisition of Barclays' African custody business.""This deal will ensure that we can develop our custody capabilities rapidly and seamlessly in Africa, one of our key regions. It will also enable us to enhance our Wholesale Banking proposition and deepen our relationships with clients, meeting their increasing requirements for broader regional services."Meanwhile, Barclays said the sale realises value for its shareholders while not impacting the bank's long-established banking business in Africa.