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.
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
In a move to soften the blow of Lehman Brothers' bankruptcy in the Indian stock and asset markets, four banks are set to take over its structured products businesses in India.
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.
From FY18, Ind-AS will be mandatory for all listed entities, barring those listed on the SME platform.
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 has rejected Essar Communications' application to pledge its equity in Hutchison Essar Ltd to Standard Chartered Bank, London.
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.
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.
According to an investment banker, apart from other international suitors, the Indian companies such as Godrej and Marico too have been approached for picking up the stakes in the home and personal care products company.
Even as the market remained flush with liquidity, banks were in no mood for subscribing to fresh corporate bonds or commercial papers ahead of the annual policy review. According to market dealers, the 10-year, AA-rated bond issue of Tata Power to raise funds devolved on its lead arranger Standard Chartered Bank. The bank did not offer any comment when contacted.
A civil court on Tuesday ordered Standard Chartered Bank (StanChart) to pay "exemplary" damages of Rs 2.5 lakh to Vinay Kumar Sood who was constantly harassed and insulted for not paying dues on a credit card he neither received nor utilised.
The amount was handed over to Maharashtra Governor S M Krishna at a function by event partner Give India.
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, 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.
Defending champion John Kelai of Kenya and twice winner Mulu Seboka won the men's and women's titles respectively in the Mumbai Marathon, while Ramsingh Yadav emerged the fastest Indian runner.
The Kenyan elite runners said they faced a lot of problems in their preparation for the run due to the ongoing crisis in their country.
India CEOs of 12 banks form pressure group within IBA.
Mumbai Marathon Race and Finish director talks about all that goes into conducting the 42.195 kms race.
Film stars and models will represent different NGOs during the Standard Chartered Mumbai International Marathon on February 15.
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.
