Standard Bank to buy Jardine Fleming Bank for not more than 120 mln usd

HONG KONG (AFX-ASIA) - Standard Bank Investment Corp said it has agreed to buy Jardine Fleming Bank Ltd from JPMorgan Chase & Co for not more than 120 mln usd.	    In a statement, Standard Bank said it will inject its existing Hong Kong operations into Jardine Fleming Bank and rename the merged entity Standard Bank Asia Ltd.	    The acquisition is subject to regulatory approvals and is expected to be completed by the end of July.	    The purchase price is based on the adjusted net asset value of JF Bank at completion, and includes a premium, the statement said.	    Standard Bank (Asia) chief executive, Malcolm Wilde said the addition of Jardine Fleming Bank's business will offer a "substantially enhanced platform" for Standard Bank's growth strategy in Asia.	    Jardine Fleming Bank was the Hong Kong banking arm of the Jardine Fleming Group. It has total assets of 1.8 bln usd.	    Jardine Fleming Bank's 50 pct stake in Pacific Finance (Hong Kong) Ltd will be transferred to the JPMorgan Chase group, the statement added.

Related stock : (NIL)