Last year, the London-headquartered bank had bought a 49 per cent stake in UTI Securities from the Securities Trading Corporation of India for Rs 147 crore. The bank retains the option to raise the stake to 74 per cent this year and the remaining shares by 2010.
UK-headquartered Standard Chartered Bank is set to become the third foreign player to enter the Indian retail stock brokerage business by buying a 49 per cent stake in UTI Securities for Rs 140-150 crore.
Standard Chartered Bank, which bought a 49 per cent stake in UTI Securities from Securities Trading Corporation of India early this year, is likely to hive off the commodities broking business into a separate company and put this division for sale.
The Indian market is very competitive because you have existing foreign banks, private banks, new foreign banks and public sector banks, says Mike DeNoma, executive director, StanChart.
As many as six merchant bankers including UTI Bank are in the fray for a government mandate to act as advisors for the privatisation of Mineral Exploration Corporation.
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