Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
The foreign bank is present in the wealth management space with client assets under management of Rs 10,000 crore.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
Banks and financial institutions have proved to be the only ones in corporate India's otherwise dismal gender diversity performance, according to a report published by Standard Chartered Bank.
Finance Minister P Chidambaram has urged Britain to allow Indian banks to open more branches in that country.
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 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.
Foreign players like Citibank, Standard Chartered Bank, HSBC and ABN Amro Bank see opportunities to spread their wings in India after the ceiling on voting rights is lifted by the government.
Country's leading domestic and multi-national banks figured among the top 10 advance tax paying corporates in Mumbai in 2006-07.
Having identified India as one of its major markets globally, Standard Chartered Bank on Wednesday said it was open to acquisitions and plans to more than double its branch network in the country to 150 by 2006-07.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
Diageo may not be able to recover $135 mn loan from Mallya firm
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
India, which has seen significant rise in foreign investment in recent years, needs regulatory changes to enhance investor confidence, a senior executive of a leading global bank said on Monday.
Bank FD rates are expected to go down in the near future. Lock in now if you want stability as well as returns
At times, this stress reaches a tipping point, resulting in tragedy. 'Organisations need to empower their people managers to foster psychological safety, where employees feel seen, heard, and supported -- not just as professionals, but as people navigating the pressures of work and life.'
Australia-based Westpac Banking Corporation said on Monday it would sign a cooperation agreement with Standard Chartered Bank in India on Wednesday (June 7).
Ahead of the Mumbai Marathon, visually-impaired marathoner Henry Wanyoike shares running tips and the secrets of becoming a champion.
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.
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.
The number of Singapore-based companies setting up operations in India, about 350 at present, will double in the next five years, a senior executive of the Standard Chartered Bank in Singapore said.
Stanchart's plan for 100 rural branches stuck.
Emerging giants India and China are leading the global economy on a '32-62-72' growth path, Standard Chartered Bank's Chief Economist has said -- using the numeric phrase for evolving economic size of the world.
After Chennai, it is Coimbatore, Madurai, and Tiruchirappalli, that are emerging as manufacturing hubs. Coimbatore is India's top Tier-II city in terms of the number of GCCs, according to a report by Cushman & Wakefield.
Finance Minister P Chidambaram asked Britain on Thursday to allow Indian banks to open more branches in that country.
Standard Chartered Bank is expected to seal the deal of its Mutual Fund business in the near future.
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.
StanChart's India MF business sell out to UBS has been called off.
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 Standard Chartered Mumbai Marathon will take place on January 21, 2007.
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