Acquisition

Standard Chartered PLC
28 June 2004


Press Release


Standard Chartered Enters Consumer Finance in Hong Kong

28th June 2004


Standard Chartered PLC announced that its 100% owned subsidiary Standard
Chartered Links (HK) Limited, today signed an agreement to acquire Advantage
Limited, the parent of PrimeCredit, allowing Standard Chartered to enter the
growing consumer finance business in Hong Kong.

The acquisition price will be approximately HK$980 million (about US$126
million), based on the adjusted net book value at 30 June 2004. The transaction
is subject to regulatory approvals and is expected to close by the end of
September this year.

Mike DeNoma, Group Executive Director and global Head of Consumer Banking, said:
'This is an exciting acquisition that broadens Standard Chartered's customer
base in one of our core markets into a business segment with strong revenue
growth and returns.

'PrimeCredit has a well-recognised brand, a robust operating platform and proven
management. With the establishment of a credit data bureau in Hong Kong and an
economic recovery well underway, we feel that this is the right time to enter
the consumer finance market in Hong Kong.'

He added: 'The strength of PrimeCredit's senior management will help us to
expand further into the consumer finance sector regionally.'

PrimeCredit provides loans to the lower income segment in Hong Kong. It has 14
branches and approximately 200 staff.  Standard Chartered intends to retain the
management and staff as part of the transaction.

 Hock Yap, Chief Executive Officer of Advantage said: 'We are delighted to
become part of Standard Chartered.  We intend to leverage the strengths of
Standard Chartered to drive the growth of PrimeCredit for the benefit of all our
stakeholders.  We will utilise Standard Chartered's experience to enhance our
service and delivery standards.'



NOTES TO EDITORS:

Standard Chartered PLC - 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 PLC 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.


For further information, please contact:

Paul Marriage, Head of Corporate Communications, or Caoimhe Buckley, Media
Relations Manager
[phone]/6170
[e-mail]

Ben Hung
Head of Investor Relations
[phone]
[e-mail]

Lavina Chan
Senior Corporate Affairs Manager
[phone]
[e-mail]

Betty Ku
Head of Investor Relations, Asia Pacific
[phone]
[e-mail]


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