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.
Experts say a lot of new wealth is being generated by promoters selling their stake.
India's mergers and acquisitions (M&A) market is projected to maintain an annual run-rate of approximately $200 billion, evenly split between domestic, inbound, and outbound transactions, despite global geopolitical turbulence, according to Rajesh Singhi, global co-head, M&A Advisory, Standard Chartered Bank.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
The deal underscores a growing trend of consolidation in Asia's wealth management industry.
India has been the fastest-growing market in Asia for the affluent segment between 2006 and 2010.
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.
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.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
Standard Chartered Bank on Friday launched private banking operations in the country with focus on entrepreneurs and senior executives with investible wealth of over 1 million dollars (Rs 4.5 crore).
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Volatility in domestic share market acting as catalyst.
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.
Bank FD rates are expected to go down in the near future. Lock in now if you want stability as well as returns
The foreign bank is present in the wealth management space with client assets under management of Rs 10,000 crore.
How does the Union Budget 2024-25 impact taxpayers, investors and traders?
'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.'
Deutsche Bank in India has managed to avoid the bad-loan problems plaguing its rivals such as Standard Chartered Plc.
Insurance companies are going all out to grab eyeballs.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
Investors may increase exposure to mid and small-cap stocks as their risk-reward profile is more attractive currently, suggest Nitin Singh and Vinay Joseph.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
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.
Spread investments in equities, bonds, gold and cash to tackle volatility advise Nitin Singh, MD and head, and Vinay Joseph, director, investment strategy, Standard Chartered Wealth Management, India.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
For investment bankers, a Brexit vote is more than just about volatile prices on a screen but also about where they may end up working and living.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
In last few years, a number of global players have exited the Indian mutual fund business.
Join us for a chat with Vidhu Shekhar, country head - India, CFA Institute on Wednesday, June 1 between 3 pm and 4 pm IST.
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Indian households put bulk of savings in bank deposits and insurance; the returns are minimal. If you're part of this, change.
Investment guru and mutual fund expert Ashok Kumar, answers all your MF related queries.
In an online chat with readers, Vidhu Shekar, CFA, country head-India, CFA Institute shared advice on how to crack the CFA exam.
A family man with two sons, who made it a point to attend all weddings and occasions in the community, Siddhartha is known by everyone as the quintessential 'nice guy' CEO -- never yelling, raising his voice or screaming at his employees, says Pavan Lall.
Helen Brand offers a CA's view on protectionism, money laundering and how India's implementation of Ind-AS will make it more attractive to investors.
'There is a vision in the Budget, and the vision is to take India from a largely agrarian, rural economy into a fast-track digitalised economy.'
In an online chat with readers, Vidhu Shekhar, Country Head - India, CFA Institute shared crucial advice to crack the competitive exam.
Even the well heeled in metros find it difficult to go completely digital. Cash withdrawals from ATMs are back at the same level as they were before demonetisation
'Part A of the Budget was like it was written by somebody from the 21st century and Part B was written by somebody from the 19th century.'
...He'd be running a successful aviation business, says Anjuli Bhargava.
Experts hail Budget 2015 as a progressive, growth oriented one.
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