Istithmar acquires US$1 billion stake in Standard Chartered PLC
Dubai based Istithmar today announced that it has completed a leveraged structured investment of approximately USD 1 billion relating to approximately 2.7% of the share capital of the Standard Chartered PLC.
Standard Chartered is one of the world's foremost international banks with extensive networks in countries across the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. The bank's strong growth story and strategic alliances position it ideally for business development in the emerging trade corridors of Asia, Africa and the Middle East.
H. E. Sultan Ahmed Bin Sulayem, Executive Chairman of Istithmar, commented:
"Istithmar supports the incumbent management team at Standard Chartered and fully endorses their strategic vision."
Istithmar's CEO, David Jackson, commented: "The Bank's strong franchise, impressive growth and recent acquisitions place it in a unique position to provide shareholder value. Istithmar looks forward to a long and close relationship with Standard Chartered."
This investment by Istithmar is part of a continued focus on financial investment opportunities across the globe and was made through Goldman Sachs International.
Istithmar is an alternative investment house based in the United Arab Emirates. Established in 2003, Istithmar was created with the key mission of earning exceptional returns for its investors while maintaining due regard for risk.
Istithmar, which means investment in Arabic, applies global expertise with local insights to coordinate the appraisal and implementation of various opportunities. Istithmar’s ‘I’ investment philosophy is based around three core principles -- Ideas, Inquiry & Integrity -- sets the foundation for the firm which has a broad portfolio of highly successful companies in markets from North America to Europe to Asia to the Middle East.
Istithmar’s investment portfolio comprises over 30 successful companies with premium assets within financial services, consumer, industrial and real estate sectors, in addition to investing in hedge funds, listed equities and alternative investment projects. The company’s equity investment exceeds US$ 1.8 billion across markets ranging from North America to the Far East.