UK bank Standard Chartered has stepped up its involvement in the Brazilian market by purchasing a team of employees and fixed assets from the now-bankrupt US investment firm Lehman Brothers.

The acquisition, which will be completed by the end of November 2008, comprises $4.3 million of gross assets, based on values at the end of August this year. The transaction is subject to regulatory approval.

Standard Chartered will increase the total number of staff working in Brazil by 14. The bank already has a representative office in the country with 28 employees. The incoming employees will specialise in financial markets to support clients from markets in Asia, Africa and the Middle East who do business in Brazil.

The move is in line with Standard Chartered’s global business reach. Although it is a UK-listed bank, a spokesman for Standard Chartered told WealthBriefing that over 90 per cent of its profits come from the Middle East, Asia and Africa. The group has operations in more than 70 countries.

Due to recent increased trade flow from these core markets into Brazil, as well as an increase in the number of Brazilian companies operating within those markets, Standard Chartered wishes to expand its Brazilian presence, the spokesman said.

“If our clients wish to do business in Brazil we will support them there,” he said.

“This deal enhances our capability to take advantage of new opportunities in a dynamic market,” executive director of Standard Chartered Gareth Bullock said in a statement.