Published: November 6, 2012
Bank acquires Credit Agricole subsidiary as trade flows increase with Africa, Asia and Middle East.
Standard Chartered Bank has acquired Credit Agricole Yatirim Bankasi Turk (CAYBT), a Turkish subsidiary of Credit Agricole Corporate and Investment Bank.
The deal grows Standard Chartered’s Turkish wholesale banking business. Trade with StanChart’s target regions of Asia, Africa and the Middle East accounts for some 16% of Turkey’s total trade.
Richard Holmes, StanChart’s CEO for the UK and Europe, said: “Turkey is increasingly a part of our core footprint as many of our existing clients are using Turkey as a regional centre for the Middle East. In addition, we are now able to serve our clients better as they capitalise on the growing trade and investment opportunities in the Bank’s core geographies of Asia, Africa and the Middle East.”