Standard Chartered buys SME finance business

12th Jul 2010 07:31

Asia-focused bank Standard Chartered has agreed to buy GE Commercial Financing, a specialist in SME factoring and hire purchase financing in Singapore. Standard Chartered didn't comment on the price but said all necessary regulatory approvals have already been obtained. The deal is expected to be completed by the end of July 2010. Ajay Kanwal, Regional Head of Consumer Banking, Singapore and Southeast Asia, Standard Chartered Bank, said: "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." "Given our longstanding and strong commitment to the SME business, this enhanced expertise will benefit our customers with increased financing options to capitalise on business opportunities." The gross assets of the underlying business being acquired were about $132m as at 31 December.