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Local officials of StanChart, HSBC unaware of takeover bid

Saijadur Rahman
Local officials of two leading foreign banks in Bangladesh — Standard Chartered and HSBC — were yesterday completely unaware of media claims that the former is in talks to acquire the latter's consumer banking operations in the country.
Bloomberg, a global financial news service provider, yesterday published an article that Standard Chartered is in talks to buy HSBC's consumer banking segment in Bangladesh, quoting three people with knowledge of the discussions.
Dhaka-based officials of both the British banks termed the news a mere speculation and declined to comment in details.
“It isn't appropriate to comment on rumours or speculations,” Talukdar Noman Anwar, head of marketing and communications of HSBC Bangladesh, told The Daily Star.
He said: "What we can say is that HSBC Bangladesh remains focused on building a strong and sustainable business in Bangladesh. We continue to operate business as usual in the country." Bitopi Das Chowdhury, corporate communications manager of Standard Chartered Bangladesh, said they do not know anything on the issue.
“We do not comment on market speculation,” she told The Daily Star.
Standard Chartered Bank is the oldest (over 100 years) and largest foreign bank in Bangladesh with 26 branches. It is a leader and pioneer in consumer banking segment and employs over 1,300 people.
The bank strengthened its foothold in Bangladesh with the acquisitions of Grindlays Bank in 2000 and the commercial banking business of American Express Bank six years later.
HSBC started its operations in 1996 and became a leader in commercial banking
among foreign banks within a short time.
In 2010-11, HSBC handled around 8 percent of the country's export-import worth nearly $60 billion with 13 branches.
However, officials of HSBC said their chief executive Stuart Gulliver is reviewing the bank's businesses in all 87 countries it operates. Bangladesh is not out of the review, they said.
HSBC has already sold operations in Thailand, Costa Rica, El Salvador and Honduras.
"HSBC's focus is on the commercial banking in Bangladesh. Retail or consumer banking accounts for only 7 percent of the bank's business here,” said an official of the bank, requesting anonymity.
sajjad@ttiedailystar.net