London-listed Standard Chartered cleared to acquire Credit Agricole’s Turkish operation

The Turkish Competition Board has cleared British lender Standard Chartered Plc (LON:STAN) to buy Credit Agricole Yatirim Bankasi Turk AS, a unit of French banking group Credit Agricole SA (EPA:ACA), the regulator said on Monday on its website.

According to the statement, Standard Chartered has secured approval for the acquisition of the entire Credit Agricole Yatirim Bankasi Turk. It gave no details about the financial terms of the deal.

The target company, active since 1990, had assets of TRY74.9m (USD42m/EUR34m) at the end of last year. The Turkish bank provides corporate and investment banking services.

Standard Chartered is being investigated by the the New York Department of Financial Services over alleged improper transactions with Iran and scheduled a hearing on the matter for Wednesday.

According to Reuters sources cited today, Standard Chartered, which disagrees with these claims, is working to settle the charges before the hearing.

Analysts told the news agency last week that the US authorities could impose a fine of as much as USD1bn (EUR812m) on Standard Chartered, with rumours saying that the sum could even be higher than that, as the New York banking regulator is pushing the case.

Benjamin Lawsky, the head of the New York’s Department of Financial Services, said the bank could lose its licence unless it offers a satisfactory explanation at its upcoming hearing, Reuters said.

For more on Standard Chartered’s acquisitions, please click here.

For more on the US investigation of Standard Chartered, please click here.