Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
StanChart to hand over pink slips to its employees in India too.
Standard Chartered Bank is looking for appropriate acquisitions, including asset portfolio to grow its business presence in India, one of the fastest growing markets in the world.
Among India's capital-starved local banks, Essar is viewed as too big to fail.
Foreign banking major Standard Chartered Bank has invested $120 million thus far this year in its Indian operations, which is expected to contribute over 10 per cent of its global profits in 2005.
Infrastructure Development Finance Company has bagged Standard Chartered's asset management business in India for a total consideration of $205 million (around Rs 820 crore) in an all-cash deal. This deal, like the ill-fated UBS' bid last year, however, does not include StanChart's mutual fund distribution business, which the London-based bank will continue to pursue in India.
Standard Chartered Bank has revised upward India's economic growth to 7 per cent during 2003-04, and said fiscal deficit was not a matter of concern as long as the high growth in GDP is sustained.
The UK-based Standard Chartered Plc moved the market regulator Securities and Exchange Board of India for approval to float 220 million IDRs.
StanChart's India MF business sell out to UBS has been called off.
Standard Chartered Plc on Tuesday reached an agreement to acquire US-based American Express Bank Ltd for about 431 million pounds ($860 million) in cash
This is a significant slowdown - no doubt about that, says Neeraj Swaroop.
This is part of an 'aggressive and decisive set of action' to shore up the company.
Assets that are on the block include loans, proprietary bond and equity investments.
Standard Chartered and IL&FS Investment Managers are close to signing an agreement to raise a $1 billion India-focused infrastructure private equity fund.
Besides, it is also exploring the possibility of listing itself in another emerging Asian market China, the banking behemoth said.
Goldman cut India's growth estimates to 6.6 per cent from 7.2 per cent for the fiscal year ending March 2013, while BofA revised its forecast to 6.5 per cent from 6.8 per cent.
"India reaffirmed its commitment to...boosting the share of manufacturing in its economy from around 16 per cent to 25 per cent over the next decade... But it will have widespread energy implications, the full consequence of which may not yet be fully factored into thinking," StanChart said in monthly 'Global Insight' report.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
StanChart starts retrenching staff in India.
The high new GDP numbers are puzzling.
Standard Chartered Bank, the country's second-largest foreign bank, is removing the ceiling on its India exposure to tap into the 9 per cent economic growth and expand operations, especially in infrastructure funding.
Standard Chartered, the UK-based emerging markets bank, and ArcelorMittal, the world's largest steel company, are considering listing in India using a domestic depositary receipt programme. The proposed listings are still at an exploratory stage.
Policies to address CAD has worked well believes the bank's economists.
The foreign lender's profit after tax was Rs 2,960 crore
Standard Chartered Bank on Monday launched in India its Visa Mini card, which is almost half the size of a regular credit card, targetted at the growing young-earner segment.
In view of India's faster industrial growth and improved business confidence, UK-based Standard Chartered Bank (SCB) on Tuesday revised upwards its forecast for the country's economic growth to 8.1 per cent for the current fiscal.
The beleaguered Deutsche Bank announced major overhaul of its business, which included discontinuing loss-making equities trading business, creating a new 'bad bank', and cutting 18,000 jobs. Deutsche Equities India employs 35 people, all of whom could face the job axe.
A probe by the New York State's key banking regulator, the Department of Financial Services, has found deficient money laundering controls in outsourcing of work by StanChart to India, thus exposing the US financial system to terror financing and other risks.
Improvements in industrial activity and services sector mainly seems to have boosted GDP growth.
Standard Chartered Bank appears to lead the race to acquire Barclays Bank's credit card business in India, six months after the British lender decided to sell it, three people familiar with the development said.
While other foreign banks are still shrinking their loan portfolio, Standard Chartered Bank says it is seeing a double-digit growth
The investigation under FEMA was taken up by ED based on a reference received from RBI to investigate advance remittances received by certain entities for the purchase of the shares of Tamil Nadu Mercantile Bank through escrow mechanism maintained with Standard Chartered Bank, Mumbai.
The deal, which will be signed this week, will see Standard Chartered Bank adding 170,000 cards to its existing portfolio of 1.1 million cards. The foreign lender will also become the fifth largest card issuer in the country after HDFC Bank, ICICI Bank, Citibank and State Bank of India.
Global banking major Standard Chartered on Wednesday said it plans to increase its headcount in India by 2,500 people during the current year to 20,000.
StanChart has got an approval from the RBI to list on the country's stock exchanges, but the bank is yet to approach SEBI for selling its depository receipts.
