StanChart buys AmEx, expands India presence

Standard Chartered Plc today reached an agreement to acquire US-based American Express Bank Ltd for about £431 million ($860 million) in cash - a deal that would give the British banking major additional branch licences in India. American Express Company (AXP), which agreed to sell its banking business American Express Bank to UK's Standard Chartered, said the sales does not include its primary card and travel-related businesses.