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.
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.
The Standard Chartered Bank is set to ask three of its executives to go on leave following complaints made by a few high net worth clients on mis-selling of products.
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
The UK-based Standard Chartered Plc moved the market regulator Securities and Exchange Board of India for approval to float 220 million IDRs.
Among India's capital-starved local banks, Essar is viewed as too big to fail.
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.
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.
This is part of an 'aggressive and decisive set of action' to shore up the company.
This is a significant slowdown - no doubt about that, says Neeraj Swaroop.
Standard Chartered Bank on Tuesday announced a special variable rate offer of 7.49 per cent per annum for home loans across all tenures up to 20 years.
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.
Standard Chartered and IL&FS Investment Managers are close to signing an agreement to raise a $1 billion India-focused infrastructure private equity fund.
The payment is on top of the $340 million it has already paid to the New York State Department of Financial Services.
StanChart Bank expects food prices to push up overall inflation to 8.3 per cent in December, which will prompt the Central Bank to raise policy rates by 50 basis points in the current fiscal.
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 unexpected upward revision of the country's sovereign rating by Fitch today will strengthen the battered rupee which would also stem the fund outflow from the domestic market, Standard Chartered said.
Assets that are on the block include loans, proprietary bond and equity investments.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
Some of the world's biggest banks including HSBC, JPMorgan Chase and Standard Chartered moved trillions of dollars identified as being potentially tied to money laundering or other crimes despite raising concerns about those transactions in filings with US regulators, reports South China Morning Post.
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.
Standard Chartered Mutual Fund on Wednesday launched a close-ended Enterprise Equity Fund that\nwould invest 10 per cent of its corpus in public offerings.
Besides, it is also exploring the possibility of listing itself in another emerging Asian market China, the banking behemoth said.
Already the largest foreign bank in India, Standard Chartered has sought the Reserve Bank of India's permission to open 100 rural branches, which are in addition to its annual plan of 40 new branches and 300 ATMs this year, which it has submitted to RBI for approval. The bank, which now has 83 branches in 33 cities in the country, has announced that it is investing $250 million to take its total capital base in India to $1.9 billion.
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.
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).
The high new GDP numbers are puzzling.
Why is an NRI banker with an MBA from MIT canvassing votes in Madurai?
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.
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