Standard Chartered to acquire stake in Travelex

Standard Chartered to acquire stake in Travelex

Standard Chartered has acquired a six per cent stake in foreign exchange outfit Travelex with a view to co-operating on the development of joint trade, payments and banking ventures.

Standard Chartered will be joining the consortium of funds advised by Apax Partners that acquired a majority shareholding in Travelex in February.

Commenting on the deal, Mervyn Davies, Standard Chartered CEO, says: "We have identified a number of synergies in products and channels that will enable us to achieve growth in our foreign exchange and SME businesses, while expanding the Travelex product range in our markets."

He says the group has identified opportunities to cooperate with Travelex on SME and retail foreign exchange products in Asia, and on SME business and trade products in the Middle East.

The companies are also looking at the provision of Standard Chartered's banking services to Travelex clients.

The transaction is expected to close in the summer. The value of the deal was not disclosed.

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