Press Releases
Standard Chartered Completes
Acquisition of Harrison Lovegrove & Co. Ltd
London, 6 December 2007 - Further to the announcement on 5 September 2007, Standard Chartered today announced the completion of the acquisition of Harrison Lovegrove & Co. Ltd (Harrison Lovegrove).
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 centre 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 totalling approximately US$20 billion and has represented clients from National Oil Companies and the Majors through to both large and small oil companies.
Mike Rees, CEO Wholesale Banking, said: "We are delighted to welcome the team from Harrison Lovegrove to Standard Chartered. Their business is highly complementary to our existing oil and gas advisory capabilities, and will build scale in a key sector in our Corporate Finance business. The broader product platform of Standard Chartered will enable the combined business to offer significantly greater value to clients."
The combined Oil & Gas team will be led by Andrew Bartlett, who has been appointed as the Global Head of Oil & Gas Corporate Advisory of Standard Chartered, and Martin Lovegrove, who has taken the role of Vice Chairman, Oil & Gas of the Bank. The new entity will initially be headquartered in Harrison Lovegroveˇ¦s existing office in London before moving to a new location.
Notes to Editors
Standard Chartered PLC
Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered group has operated for over 150 years in some of the worldˇ¦s most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and the number of employees have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank in its markets by being the right partner for its stakeholders and leading by example. The group now employs over 65,000 people, representing some 100 nationalities, in more than 1,400 branches located in over 50 countries. The bank generates more than 90 per cent of its profits from Asia, Africa and the Middle East, with balanced income derived from both Wholesale and Consumer Banking. The group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. For more information, please visit: www.standardchartered.com
Harrison Lovegrove & Co. Limited
Harrison Lovegrove was established at the end of 1999. The firm focuses on advising companies on the buying and selling of upstream petroleum assets and companies.
Today, Harrison Lovegrove is the largest independent petroleum advisory firm operating outside North America. It employs 47 staff, of whom 32 are front office professionals, 15 of whom have at least ten years of business experience. The professional staff come from a range of backgrounds, including geoscience, petroleum and reservoir engineering, finance and research; 13 have worked in the upstream oil & gas industry directly. These staff are located in the firmˇ¦s operational offices in London, Moscow, Kuala Lumpur, Perth, Calgary and Houston and its research centre located in Washington DC.
Since being established Harrison Lovegrove has advised on approximately US$20 billion of successful transactions. It has been employed by 80 corporate clients, ranging from National Oil Companies through the Majors to both large and small independent oil companies. It has worked on over 100 mandates, which have covered assets lying in a total of 54 countries. As of today, it is advising on mandates covering 18 countries.
Importantly, Harrison Lovegrove has been and continues to be particularly active in the Africa and Asia-Pacific regions, markets which are focus areas for Standard Chartered.
Harrison Lovegrove is authorised and regulated by the FSA in the UK and FINRA in the United States of America.
For further information please contact:
Fiona Chan
Acting Head of Media Relations
44 (0) 20 7280 7163
Fiona.SF.Chan@hk.standardchartered.com
Corina Blum Evans
Senior Manager, Corporate Affairs, Wholesale Banking
44 (0) 20 7280 7261
Corina.Blum-Evans@uk.standardchartered.com