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| Sunday, 12 January 2003 |
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| News Business Features Editorial
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SCB completes merger with Grindlays Standard Chartered Bank (SCB) has announced the completion of its merger with the Sri Lankan business of Standard Chartered Grindlays with effect from January 1. The Group acquired the Grindlays operations in the Middle East and South Asia from the ANZ Banking Group in July 2000. Since then, the process of integration has been in progress in terms of aligning the systems and processes of the two banks. The local merger was completed after all aspects of this exercise were successfully accomplished after obtaining the formal approval of the Central Bank of Sri Lanka. In Sri Lanka, SCB will now be among the two largest foreign banks with a balance sheet of Rs. 39 billion. Customers will now have access to a network of eight branches and 11 ATMs across Colombo. "The merger of Grindlays with Standard Chartered Bank will create a premier international bank in Sri Lanka and put us in a position to deliver significant benefits in terms of network, products and customer service," said Wasim Saifi, CEO, Sri Lanka, SCB. "The significant value that the Grindlays franchise has brought to the Standard Chartered Banking Group was clearly reflected in our annual results for the year 2001-2002 and Sri Lanka is now a key market for growth within the Group," he added. The two banks will begin to operate as a single legal entity under a new corporate identity. A new logo has also been created. |
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