STANDARD CHARTERED COMPLETES GRINDLAYS INTEGRATION

Dubai - December 21, 2002 Standard Chartered Bank will complete the acquisition of the banking business of Standard Chartered Grindlays Bank in the UAE on December 31st, 2002.

Standard Chartered Grindlays Bank Limited will cease business by year end, following a two-year long integration period, during which time most of Grindlays customer base transferred their business to the Standard Chartered Bank network.The Grindlays acquisition will bring more customers, a greater branch network and a sophisticated technology platform to the Standard Chartered Bank network in the UAE.

Ray Ferguson, Standard Chartered Bank's Chief Executive Officer, UAE, said: "This highly successful acquisition has provided us with some fantastic synergies. We are at the end of a two-year long integration, and this process has been completed with minimal disruption to our customers.

"We have made the integration as smooth as possible, and we are now looking forward to heading up what is clearly a fabulous franchise platform for growth."

Remaining Standard Chartered Grindlays customers are encouraged to visit the nearest Standard Chartered Bank branch or call the free customer service line on 8004949 for answers to any queries. Commenting on the move, Ferguson added: "The expertise and advice of the Central Bank greatly facilitated the integration."

The integration of the two banks will eventually lead to an 11-strong branch network. At present, Standard Chartered Bank has seven branches in the UAE. The Grindlays integration has already taken place in India and Pakistan, while the rest of the Middle East and South Asia region, Bangladesh, Bahrain, Jordan, UAE and Sri Lanka, will complete the legal requirements by year end.

Next year also marks the 150th anniversary of the Standard Chartered Bank Group, and a major re-branding exercise will be completed in early 2003. In the UAE, Standard Chartered has a Consumer Banking network comprising seven branches and 22 automated teller machines (ATMs). Standard Chartered is the leading provider of cash management trade finance, and treasury products and services in the UAE. -keralamonitor.com