Standard Charter to Acquire Harrison Lovegrove

Standard Chartered has today entered into an agreement to acquire Harrison Lovegrove & Co. Limited. The acquisition is subject to certain regulatory consents, and is expected to be completed by late October 2007.

Harrison Lovegrove is a leading global oil and gas M&A advisory boutique, with operational offices in London, Moscow, Kuala Lumpur, Perth, Calgary and Houston and a research center located in Washington DC. It has built up a strong reputation for offering high quality advice underpinned by an excellent technical understanding of the oil and gas industry. Harrison Lovegrove has advised on successful transactions totaling approximately US$20 billion and has represented clients from National Oil Companies and the Majors through to both large and small oil companies.

The Harrison Lovegrove business is highly complementary to Standard Chartered’s existing oil and gas corporate advisory capabilities. The broader product platform of Standard Chartered will enable the combined business to offer significantly greater value to clients in a global sector, which is a key focus for Standard Chartered.

Mike Rees, CEO Wholesale Banking, said: "We are delighted to welcome the team from Harrison Lovegrove to Standard Chartered. Together, we will provide clients globally with a unique blend of strategic, financial and technical advice underpinned by our strong financial product capabilities and insights into our key geographical markets."

V. Shankar, Group Head of Client Relationships, said: "This acquisition builds substantial scale in our Corporate Finance business and further expands our capabilities in the global oil and gas sector to market leading levels. By leveraging Standard Chartered’s franchise, we expect to generate significant business growth with the combined business, further adding to an already successful track record in the sector."

Martin Lovegrove, CEO of Harrison Lovegrove, said: "We very much welcome the opportunity to become part of Standard Chartered. The combined team will be one of the market leaders in banking services for the global oil and gas sector and together, we will be able to offer our clients a wide range and depth of services; Standard Chartered is the perfect fit for us."