TAIPEI -(Dow Jones)- Standard Chartered PLC's (LSE:STAN) (STAN.LN) Taiwan operation has taken over American Express Co.'s (NYSE:AXP) (AXP) two bank branches on the island, the U.K. bank said in a statement Friday.

Standard Chartered agreed in September 2007 to acquire the American Express Bank Ltd. unit of American Express (NYSE:AXP) in a deal American Express (NYSE:AXP) said was worth about US$1.1 billion. American Express Bank is present in 47 countries worldwide.

In Taiwan, American Express (NYSE:AXP) has one branch in the capital city of Taipei and one in Kaohsiung. The takeover increases Standard Chartered's bank branches in Taiwan to 88 from 86.

"Through an integration of the two banks' operations in Taiwan, we hope to expand business and operations as well as improve efficiency," Standard Chartered said in the statement.

-By Perris Lee Choon Siong, Dow Jones Newswires; 8862-2502-2557; perris.lee@ dowjones.com

    (END) Dow Jones Newswires   05-30-08 0628   Copyright (c) 2008 Dow Jones & Company, Inc.