Standard Chartered said that its local subsidiary in Brazil has agreed to acquire a specialist team and some fixed assets from Lehman Brothers Brazil. The acquisition will be completed by end this month, subject to certain regulatory approvals.
The deal adds 14 staff members to Standard Chartereds Brazil operations specifically focused on the financial markets and aimed at supporting in the Asian, African and the Middle Eastern markets.
I am delighted to welcome the new team," Gareth Bullock, group executive director, Standard Chartered, said. "Brazil has become an important trading partner with our core markets in Asia, Africa and the Middle East with trade flows from Asia in particular having increased significantly in recent years. This deal enhances our capability to take advantage of new opportunities in a dynamic market.Standard Chartered currently has a representative office with 28 staff members in Brazil.
As of Aug. 31, the gross assets of the underlying business acquired were roughly $ 4.3 million.