Dhaka, June 15 (BDNEWS) – The Standard Chartered Bank (SCB) has purchased the Bangladesh operations of the American Express Bank (Amex) at a cost of US$ 20 million, competent sources said.
An agreement to this effect was signed between the two parties in London on June 10, Shah Masud Imam, Head of Corporate Affairs of the SCB, told BDNEWS.
Bangladesh Bank had earlier given its nod to the deal.
The Amex decided to close down its banking operations in Bangladesh as part of a global restructuring plan that led to its withdrawal from Egypt, Luxembourg and Pakistan.
The SCB will formally take over the Amex operations in Bangladesh by July 31.
However, Masud Imam said: "We will need 3 to 4 months to complete the takeover formalities."
An Amex official said Head of Operations, Asia region of the bank, had a meeting with its staff in Dhaka Tuesday to inform them of the deal. Details of the meeting were not available.
Shut down of the Amex operations in Bangladesh is expected to result in the loss of jobs by 125 of its staff in five branches.
BDNEWS/1945
