Standard Chartered management changes could open door to merger with ANZ
Upcoming management changes at Standard Chartered (StanChart), the UK-based lender, could open the door to a potential merger with Australia and New Zealand Banking Group (ANZ), the ASX-listed bank, the Australian Financial Review reported.
The report cited ANZ’s chief executive, Mike Smith, as saying that the possibility of a deal has taken a major step forward following news that StanChart’s current chairman, chief executive, and three directors are set to exit.
Smith said that StanChart’s previous management was not excited about deal with ANZ. Smith said that ANZ would take a wait and see approach, when asked whether the management changes at StanChart would open the door to a merger.
Smith noted that any deal would likely face substantial regulatory obstacles.
The article went on to note that Temasek, which owns 18% of StanChart, is believed to have been approached by two of China’s large banks, Bank of China and Industrial Commercial Bank of China, in the past with interest in its holding.
Australian Financial Review