The Acquisition of ANZ Grindlays:

Before 31st July, 2000 ANZ Grindlays and Standard Chartered bank were two separate entities. Standard
Chartered PLC announced on 31st July 2000 the completion of the US$1.34 billion acquisition of
Grindlays Bank and the associated Grindlays Private Banking business from Australia and New Zealand
Banking Group Limited after obtaining necessary regulatory approvals for completion.

On 31st July 2000 ANZ sold its 51% shares to Standard Chartered bank in MESA (Middle East South
Asia) MESA consisting of 16 countries. So it became Standard Chartered Grindlays bank. The acquisition
was to be completed within three years and now all the Grindlays Bank’s account holders have been
transferred to the Standard Chartered Grindlays Bank-Gulberg Branch (ALM-Assets Liabilities Migration
Process) and once again it has become Standard Chartered Bank.

A declaration in this regard was published in the daily “The News” dated December 01, 2002 that
Standard Chartered Bank has successfully completed the acquisition process of Grindlays Limited on
Dec. 01, 2002. As a result of the amalgamation, both banks have begun to operate as a single legal entity
under a corporate identity with no change in banking services.

THE IMPACT OF ACQUISITION:

This move positions Standard Chartered as the leading international banking business in India, Pakistan,
Bangladesh and Sri Lanka, and gives a much stronger position in the Middle East where it is now
challenging for market leadership. The move has brought great benefits to international customers and
customers in the region.

The move also significantly strengthens Standard Chartered’s position as the world’s leading emerging
markets bank, adding India to rank alongside Hong Kong, Malaysia and Singapore as significant profit
contribution.

In Pakistan, the strength of staff for SCB is 325. Last year it was 502 declining as a result of the merger.

Standard Chartered acquires

Union Bank
By Our Staff Reporter
KARACHI, Sept 5: Standard Chartered
PLC announced on Tuesday that its
subsidiary company, Standard
Chartered Bank (Pakistan) Limited, has
completed the acquisition of 95.37 per
cent interest in Union Bank Ltd.
The bank said it had paid an amount of $487
million for the purchase of Union Bank.
Pursuant to the acquisition, Standard
Chartered Bank will submit a scheme of
amalgamation to the State Bank of
Pakistan. On approval, Union Bank and
Standard Chartered Bank would
amalgamate into Standard Chartered
Bank (Pakistan) Ltd, said a press
release issued by the bank.
The release said Union Bank provided
Standard Chartered with a significant
opportunity for growth in both consumer
and wholesale banking through product
innovation, wider distribution reach and
leveraging Standard Chartered’s
international network.