Acquisition

Standard Chartered PLC
05 August 2003



Standard Chartered Bank expands into Full-Service Banking in South Africa

Tuesday 5 August 2003



Standard Chartered Bank, a leading international bank in Asia, Africa and the
Middle East, has received authorisation from the South African Reserve Bank to
open a branch in South Africa.


Standard Chartered's activities in South Africa will in future include consumer
banking. The Group today announces its acquisition of 20twenty, the local
digital financial services organisation. (This transaction is subject to
relevant regulatory approvals being obtained.) The cost of the acquisition is
less than US$10 million.


Alongside Standard Chartered's growing wholesale banking presence, 20twenty is
to become an important platform for Standard Chartered's long-term expansion in
South Africa.


Bryan Sanderson, Chairman of Standard Chartered PLC said, 'We have one of the
largest networks of any international financial institution in sub-Saharan
Africa. We are also one of the best known brands on the continent.'


Chris Keljik, Group Executive Director, said, 'The expansion of Standard
Chartered's business in Johannesburg and the purchase of 20twenty are
significant steps in building our South African presence. This acquisition gives
us the opportunity to establish a consumer banking arm in South Africa and it
gives the Group a low-cost entry point into what we see as an attractive market
for consumer financial services.'


Standard Chartered's Africa Chief Executive, Peter Sullivan said, 'The Reserve
Bank's authorisation to operate as a bank enables us to leverage our African and
worldwide network for the benefit of our South African and global clients. We
are delighted to welcome 20twenty into the Standard Chartered Group. 20twenty
has excellent brand recognition, first class technology, management and staff,
and a proven ability to attract new customers quickly.'


Since returning to South Africa in the 1990s, Standard Chartered has established
a wholesale business through its representative office in Johannesburg. Its
newly obtained banking authorisation allows Standard Chartered to expand these
activities significantly to the benefit of its clients in South Africa and
internationally.


Already, Standard Chartered Bank's expanded presence in South Africa has created
twenty-one highly skilled new jobs and it intends to create further jobs to
match its expansion in consumer banking.


                                                                        ...2/...






Christo Davel has been appointed Head of Consumer Banking for Standard Chartered
Bank in South Africa. He was previously CEO and founder of 20twenty. 'All of us
at 20twenty are thrilled to have found a new home within a bank of the stature,
expertise and global reach of Standard Chartered. We would like to thank our
existing customers for their loyalty and support, and look forward to growing
20twenty within the Standard Chartered Group,' he said.


As Standard Chartered expands its activities in South Africa, it will grow its
local staff complement in line with its international policy as an equal
opportunity employer and in keeping with South Africa's employment equity
guidelines.






For more information or interview opportunities, please contact:

South Africa:                                 International:

Lauren Callie                                 Paul Marriage
Standard Chartered Bank, South Africa         Standard Chartered PLC
'[e-mail]'      '[e-mail]'
[phone]                            [phone]
[phone]                            [phone]


Ends



Note to Editors:

Standard Chartered - leading the way in Asia, Africa and the Middle East

Standard Chartered employs 30,000 people in over 500 locations in more than 50
countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the
United Kingdom and the Americas. It is one of the world's most international
banks, with a management team comprising 70 nationalities.

Standard Chartered is listed on both the London Stock Exchange and the Stock
Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market
capitalisation.

It serves both Consumer and Wholesale Banking customers. Consumer Banking
provides credit cards, personal loans, mortgages, deposit taking and wealth
management services to individuals and small to medium sized enterprises.
Wholesale Banking provides corporate and institutional clients with services in
trade finance, cash management, lending, custody, foreign exchange, debt capital
markets and corporate finance.

Standard Chartered is well-established in growth markets and aims to be the
right partner for its customers. The Bank combines deep local knowledge with
global capability.

The Bank is trusted across its network for its standard of governance and its
commitment to making a difference in the communities in which it operates.


                      This information is provided by RNS
            The company news service from the London Stock Exchange