This acquisition builds on the significant investment Standard Chartered has already made in its African franchise. In addition to substantial organic investment, the Group acquired First Africa (a leading African M&A advisory business) in 2009 and Barclays' Africa custody business in 2010. Last week, the Bank announced the opening of two new wholesale banking corporate offices in South Africa, in Cape Town and Durban.

This transaction will help achieve a step change in the Group's custody capability across Africa.  Over the past two years, the Group has developed a profitable custody model across 21 sub-Saharan African countries, launching custody operations in South Africa earlier this year.  This acquisition will position Standard Chartered as a leading South Africa custodian. Today's announcement follows Standard Chartered's launch of an integrated direct and regional custody platform for its investor and intermediaries clients.