Standard Chartered has now received all required approvals to complete its acquisition of American Express Bank. The total cash consideration is $823 million. Standard Chartered says the acquisition will add capability, scale and momentum in the strategically important financial institutions and private banking businesses. Amex Bank will add 19 more markets to the Standard Chartered footprint, and will deepen presence in some core markets and provide access to several new growth markets. In a statement, Standard Chartered says that AEB will enhance its private banking presence in its existing key markets such as Singapore, Hong Kong, India and The Middle East. It will, it says, also add capability in trust, fiduciary services, margin trading, wraps, and extend geographic reach with new booking centres in Geneva, Monaco, Miami, New York and London. Peter Sands, group chief executive, said: “I welcome the American Express Bank employees into the Standard Chartered family. The AEB business brings along an exceptional management team and I look forward to them playing an important role in the group.”