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ANZ said to be eyeing StanChart

It is possible that Australian bank ANZ Bank may attempt a buyout of Standard Chartered Bank. It is said to be part of a plan of ANZ CEO Mike Smith to make the bank a super-regional heavyweight. Many analysts feel ANZ, buoyed by a strong performance at home, is now in a good position to buy the British lender, which focuses mainly on Asian markets. ANZ’s market capitalisation is $85.1 billion – about 50% higher than the market value of Standard Chartered.Earlier, Ctigroup analysts, who had researched the possibility, have said that the disparity in market caps could mean any merger of equals would be more of a classic takeover. ANZ is making a strong push into Asia and plans to earn 25% to 30% of its revenue outside Australia by 2017. The bank has minority stakes in banks in China, Malaysia and Indonesia but it may sell off some of these stakes as it may not be able to have full control of these banks. Standard Chartered has been operating in China since 1858 and has more than 8000 staff there.

Despite being based in London, Standard Chartered barely has a footprint in Britain. It was formed in 1969 by a merger of the Chartered Bank of India, Australia and China and the Standard Bank of British South Africa.

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