While other foreign banks are still shrinking their loan portfolio, Standard Chartered Bank says it is seeing a double-digit growth
Leading share-holders called for change.
Few people know Ratan Tata as well as R K Krishna Kumar does. Widely perceived to be among the managers closest to Tata, Krishna Kumar assesses Ratan Tata, the man and business leader, in this exclusive interview to Rediff.com's Vaihayasi Pande Daniel.
The deal, which will be signed this week, will see Standard Chartered Bank adding 170,000 cards to its existing portfolio of 1.1 million cards. The foreign lender will also become the fifth largest card issuer in the country after HDFC Bank, ICICI Bank, Citibank and State Bank of India.
Standard Chartered Bank appears to lead the race to acquire Barclays Bank's credit card business in India, six months after the British lender decided to sell it, three people familiar with the development said.
Standard Chartered has appointed Zarin Daruwala of ICICI Bank as its new Chief Executive.
The government's showcase Indian Infrastructure Finance Company Ltd has run into trouble with two leading global banks - Standard Chartered Bank and Calyon Credit Agricole - suggesting that they may not fulfil collective contractual funding commitments of $250 million
Standard Chartered Bank's aim of expanding its consumer banking business in South Asia was strengthened when it convinced Sanjeeb Chaudhuri to join the bank earlier in July.
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.
Private airline Air Sahara on Wednesday launched a credit card with Standard Chartered Bank as part of efforts to improve passenger traffic and boost revenues.
IDFC is merging its Portfolio Management Services business with the newly-acquired Standard Chartered Mutual Fund to sell MF products targeting high net worth individuals. The company is also planning products that offer infrastructure as an asset to investors.
The Standard Chartered Bank has struck an on-shore foreign currency option transaction with Reliance Industries Ltd for $30 million, allowing RIL to hedge its dollar exposure.
Buoyed by good quality assets and liabilities of the merged entity of Grindlays Bank, the Standard Chartered Bank on Wednesday announced a 121 per cent growth in post-tax profit of Rs 848 crore (Rs 8.480 billion) for the year ended March 31, 2003.
Standard Chartered Bank is planning to aggressively beef up its presence in India ahead of the banking sector review in 2009. This number is significantly high, considering that the bank opened a mere 3 branches in the last two years. The bank has 83 branches and 231 ATMs across the country. The bank recently pumped $250 million into its Indian operations and this constitutes three-quarters of its profits in Asia.
RBI has granted permission to Standard Chartered bank to buy American Express Bank for its American Express credit card biz.
Standard Chartered Bank is expected to seal the deal of its Mutual Fund business in the near future.
It has also issued cautionary letters to seven other banks.
Despite the rash of reform steps announced over the weekend, Standard Chartered India on Monday sharply lowered its GDP growth forecast to 5.4 per cent for FY'13 from 6.2 per cent earlier, citing slowing consumer demand, an anaemic industry and a weak services sector.
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.
Standard Chartered Plc has seen 6 billion wiped from its market value following allegations it violated US anti-money laundering rules.
The IDR was trading at Rs 105.10, up 1.05 per cent, at 0956 hrs. "The Standard Chartered IDR had seen trouble during the initial response.
Global banking major Standard Chartered on Wednesday said it plans to increase its headcount in India by 2,500 people during the current year to 20,000.
StanChart has got an approval from the RBI to list on the country's stock exchanges, but the bank is yet to approach SEBI for selling its depository receipts.
The deal underscores a growing trend of consolidation in Asia's wealth management industry.
Tamil Nadu Chief Minister M K Stalin's Cabinet, including him, would be 34-member strong and he has retained senior leaders like Duraimurugan and over a dozen shall be ministers for the first time.
The ugly underbelly of the policies of economic liberalisation followed over the last two decades has been crony capitalism at its worst.
With a view to tame the inflation -- 8.66 per cent in April -- the RBI has increased its key rates eight consecutive times over the past 12 months, the last being the higher-than-expected 50 bps hike on May 3.
The Supreme Court on Monday admitted the appeals of Standard Chartered Bank, HSBC and Citibank challenging the order of the National Consumer Commission imposing restriction on charging credit card holders an interest rate in excess of 30 per cent.
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.
Standard Chartered Bank, which has completed 10 years in credit card business in India, has introduced an equated monthly instalment card.
The Global Business Coalition on HIV/AIDS hailed its expansion from 17 to 114 companies and praised member firms like Standard Chartered Bank PLC, Tata Steel and Daimler-Chrysler.\n
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.
Banks are increasingly offering a range of tailor-made financial products; however, there are some downsides.
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.
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.
A Central Bureau of Investigation (CBI) official said the agency would soon call Malaysian businessman T Ananda Krishnan for questioning. Maxis is part of the business empire of Krishnan, who is expected to soon fly to New Delhi.
The Delhi State Consumer Commission has imposed a penalty of Rs 10 lakh on Standard Chartered Bank for harassing and threatening an advocate with the help of 'muscle men'
Led by state-run banks which are set to report increased strains on asset quality, the banking sector is set to see net profits decline by 11 percent in Q1 as compared to the last quarter of 2011-12, says a StanChart Securities report.
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