Monday, Dec 12, 2011
(This article was first published on Sunday.)
--Bank still looks at possible acquisitions in Middle East, Africa, Asia
--Strategy hasn't changed after Piraeus Bank Egypt acquisition talks ended
--Remains committed to Egypt
By Nour Malas
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--U.K.-based lender Standard Chartered PLC (STAN.LN) continues to look at acquisitions in the Middle East, Africa and Asia, despite scrapping talks last month to buy the Egyptian unit of Greek bank Piraeus due to concerns over the global economy, a senior bank executive said Sunday.
"We are always evaluating opportunities," Vishu Ramachandran, Standard Chartered's regional head of consumer banking for the Middle East, Pakistan, and Africa said on the sidelines of a press conference in Dubai.
The bank has traditionally looked at acquisitions in the Middle East, Africa and Asia, Ramachandran said. "At present, we remain consistent with that strategy. But our primary strategy as a bank is organic," he said.
Standard Chartered in late November ended talks to acquire Piraeus Bank Egypt SAE, the Egyptian operations of Greece's Piraeus Bank SA (TPEIR.AT), to expand its presence in North Africa. Ramachandran said Sunday the decision wasn't related to political unrest in Egypt, but to broader concerns about the state of the global economy.
"Our decision to step away was not an Egypt-focused decision," he said. "It is just what is happening more generally in the world today, and global macroeconomic conditions, and whether it was the time to make a commitment."
Ramachandran said the bank remains committed to Egypt, where it has a representative office.
-By Nour Malas, Dow Jones Newswires, +9714 4461689; nour.malas@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
12-12-11 0348GMT
