India has been the fastest-growing market in Asia for the affluent segment between 2006 and 2010.
Even after UBS Global Asset Management's $220 million deal to acquire Standard Chartered Bank's mutual fund management business in India fell through, the Swiss financial services giant exuded confidence that it will beef up its asset management business operations in the sub-continent.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
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.
The Enforcement Directorate had invoked Section 68 of the Foreign Exchange Regulations Act against a number of top executives of the banks.
"Opening up will give us new opportunities such as greater freedom to open branches. On the inorganic side, there could be opportunities to take larger stakes in banks or to take management control. If anything of that happens, we will be interested," says Standard Chartered's regional chief executive for India and South Asia Neeraj Swaroop.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
Though manufacturers advertise it as a 'zero processing fee' offer, credit card companies may still levy charges making the phone expensive by over eight per cent.
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.
Scope International, a wholly owned subsidiary of Standard Chartered Bank, is planning to get its additional facility at Chennai ready by this November, a top official of the company said in Chennai on Monday.
Volatility in domestic share market acting as catalyst.
Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for Ruchi Soya.
In today's dynamic economic landscape, commerce and management education is crucial for a global career, says Nayagam PP.
Mergers and amalgamations will grow and deal sizes increase as the Indian economy expands, Venkat Anantharaman, managing director responsible for mergers and amalgamations, leveraged finance and equity corporate finance at Standard Chartered Bank in Mumbai, tells Sumit Sharma in an interview.
Tata Group-owned AirAsia India, which is in the process of being merged with Air India Express, has taken short-term loans worth Rs 630 crore during the last six months to deal with cash crunch. AirAsia India has been making losses since its first commercial flight on June 12, 2014. Its net loss increased by 42 per cent to Rs 2,178 crore in FY22.
Commercial banks are moving swiftly to strengthen and expand their operations to service the companies responsible for soaring trade levels between India and China.
Standard Chartered has appointed Zarin Daruwala of ICICI Bank as its new Chief Executive.
Following the AMFI approval, these entities would be given the clearance by CDSL Ventures Ltd, the nodal agency for MIN issuances.
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.
Gerard Lyons, chief economist and group head of research, Standard Chartered Bank, says that much will depend on monetary and fiscal policies undertaken.
Claiming that the sub-prime crisis in the mortgage market has not affected the bank, Standard Chartered Bank chairman Mervyn Davies said the crisis was not yet over and it would take few months to tide over. "Sub-prime crisis has been a real shock, though Asian markets like China and India have remained unaffected. It is not yet over and it may take few more months before the crisis is over," said Davies, who is in India to attend the bank's board meeting.
An official close to the development said the tender invited by the SUUTI closed in the second week of this month and 12 parties submitted their expressions of interest.
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.
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.
Captive centres set up by multinational corporations in India are posing a serious threat to the domestic outsourcing companies.
The average wealth expectancy of those in India with enough disposable income to save and invest is just Rs 3.6 crore and this would give them Rs 93,000 per month to live during retiremen. On an average, this would give the affluent class Rs 93,000 to live on per month during retirement, which is less than both their current income and wealth aspirations.
The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
Besides, it is also exploring the possibility of listing itself in another emerging Asian market China, the banking behemoth said.
Policies to address CAD has worked well believes the bank's economists.
The Reserve Bank of India has rejected Essar Communications' application to pledge its equity in Hutchison Essar Ltd to Standard Chartered Bank, London.
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