Standard Chartered has appointed Zarin Daruwala of ICICI Bank as its new Chief Executive.
If you move the clock forward and look at the future of the bank, then India and China are going to be the two largest markets for us. And we have grown our revenues and profits very rapidly - 50 per cent in the first half of 2007.
The Enforcement Directorate had invoked Section 68 of the Foreign Exchange Regulations Act against a number of top executives of the banks.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
For some, India has become critical to global operations. It accounts for 10 per cent of StanChart's top line as well as bottom.
Already the largest foreign bank in India, Standard Chartered has sought the Reserve Bank of India's permission to open 100 rural branches, which are in addition to its annual plan of 40 new branches and 300 ATMs this year, which it has submitted to RBI for approval. The bank, which now has 83 branches in 33 cities in the country, has announced that it is investing $250 million to take its total capital base in India to $1.9 billion.
The deal underscores a growing trend of consolidation in Asia's wealth management industry.
Like the US, India too has a sub-prime market and it is booming. The success of early entrants like Citi Financial and GE Money has encouraged several others to enter the consumer lending business, nearly half of which is a sub-prime market.
The Reserve Bank of India's (RBI) denial of permission to Swiss bank UBS to acquire Standard Chartered Asset Management Company has come as a blessing in disguise for Standard Chartered Bank.
As many as 40 staffers, in the key equities and investment banking division in India, could be asked to go as part of the London-headquartered lender's global layoffs, said people aware of the development. HSBC India declined to comment.
Standard Chartered on Friday lowered India's growth forecast for the current financial year to 4.7 per cent from earlier 5.5 per cent, citing "upside risks" to inflation and fiscal deficit.
Standard Chartered pulled out of the negotiations over valuation issues, according to sources. They say it was willing to pay up to $250 million, a figure that apparently fell far short of RBS' s expectations.
The foreign bank is present in the wealth management space with client assets under management of Rs 10,000 crore.
The Reserve Bank of India (RBI) has issued a restricted banking licence to American Express Bank (Amex) to conduct credit card and travel-related businesses in India.
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.
On Tuesday, UK-based Standard Chartered's outsourcing of key banking jobs to India came under the lens of US authorities.
Standard Chartered Bank is contemplating forming a subsidiary for its banking network and is scouting for acquisitions to grow its business in an effort to retain its status as the largest foreign bank in India.
Why is an NRI banker with an MBA from MIT canvassing votes in Madurai?
A spiralling inflation is likely to force the Reserve Bank of India to up the Cash Reserve Ratio by 0.75 per cent in FY 09, along with a 1 per cent hike in repo and reverse repo rates, global financial services major, StanChart said.
They are small town boys who went on to make it big in global financial powerhouses.
StanChart India CEO Zarin Daruwala is building a culture of 'celebrating liabilities,' the tough negotiator tells Niraj Bhatt and Anup Roy over lunch.
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.
ELSS, in general, is one of the best options among the instruments eligible for tax benefits under section 80C both in terms of potential to grow as well as tax efficiency of the returns.
The scheme offers complete solutions that combine savings, borrowing and protection for the emerging affluent segment, which consists of individuals with an annual income between Rs 5,00,000-Rs 40,00,000, the company said.
Standard Chartered Bank is planning to aggressively beef up its presence in India ahead of the banking sector review in 2009. This number is significantly high, considering that the bank opened a mere 3 branches in the last two years. The bank has 83 branches and 231 ATMs across the country. The bank recently pumped $250 million into its Indian operations and this constitutes three-quarters of its profits in Asia.
RBI has granted permission to Standard Chartered bank to buy American Express Bank for its American Express credit card biz.
Buoyed by good quality assets and liabilities of the merged entity of Grindlays Bank, the Standard Chartered Bank on Wednesday announced a 121 per cent growth in post-tax profit of Rs 848 crore (Rs 8.480 billion) for the year ended March 31, 2003.
Govt is likely to find it hard to meet deficit target next year.
Standard Chartered Bank is expected to seal the deal of its Mutual Fund business in the near future.
Despite the rash of reform steps announced over the weekend, Standard Chartered India on Monday sharply lowered its GDP growth forecast to 5.4 per cent for FY'13 from 6.2 per cent earlier, citing slowing consumer demand, an anaemic industry and a weak services sector.
The ugly underbelly of the policies of economic liberalisation followed over the last two decades has been crony capitalism at its worst.
IDBI Bank, UTI Bank, Citibank and Standard Chartered Bank on Wednesday came together to launch an independent shared automatic teller machine network, covering six million cardholders in 100 cities of India.
