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Standard Chartered expand again

London-based Standard Chartered has bought Harrison Lovegrove, a boutique oil and gas merger and acquisition advisory firm.

The bank failed to comment on how much the acquisition cost them, but Harrison Lovegrove, which has offices in London, Moscow, Kuala Lumpur, Perth, Calgary, and Houston, had gross assets of $23 million at the end of 2006.

Harrison Lovegrove has advised on deals worth about $20 million, according to Reuters, and has represented national, major and minor oil firms.

Standard Chartered told Reuters that they had a reputation for a technical understanding of the oil and gas industry.

The Asia-focused Standard Chartered already has a good base in oil and gas advisory and it is a sector in which they are looking to expand.

The purchase is likely to be completed in October following regulatory approval.

Standard Chartered announced a 30 per cent rise in half year profit in August.