Date:06/06/2006 URL: http://www.thehindubusinessline.com/2006/06/06/stories/2006060603810600.htm

Back Westpac ties up with Standard Chartered

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To extend banking services to each other's customers

Chennai , June 5

Westpac Banking Corporation of Australia and Standard Chartered Bank will tie up to extend their banking services to each other's customers in Australia and India.

The Westpac's General Manager-Asia, Mr Yogan Rasanayakam, addressing a gathering on Australian financial services industry and India, said that through the tie up with Standard Chartered, Westpac would be able to reach its customers who move to India. Similarly, Standard Chartered, which has a strong presence in Asia, would be able to serve its customers in Australia.

The agreement to be signed on Wednesday would spell out the products and customers that both banks would serve and the details of the profit sharing, he said.

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Westpac is 188 years old with interests in consumer and business banking, wealth management including life insurance, financial services for corporates and institutions and full banking service to small businesses in New Zealand. It has assets of Australian $ 260 billion, a workforce of 27,000 and serves eight million customers.