Standard Chartered Bank acquired ANZ Bank's operations in the Middle East and South Asia for $1.34 billion. This included a $750 million payment for goodwill. The acquisition created the leading international bank in Pakistan and combined two strong consumer banking franchises. It was expected to realize $110 million in annual synergies from operating efficiencies and increased revenues after three years. The one-time costs of integration were estimated at $160 million over the first three years. The acquisition aligned with Standard Chartered's strategy of becoming a leading emerging markets bank and strengthened its presence in the Middle East and South Asia regions.