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| India listing to cement our commitment: StanChart |
| Press Trust of India / Mumbai Nov 12, 2009, 20:21 IST |
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British banking major Standard Chartered today said its proposed local listing would enhance its commitment to Indian market.
"The issue (proposed issue of Indian depository receipts-IDRs) demonstrates our commitment to India," Standard Chartered Global Chief Executive Peter Sands told a gathering if editors here.
The global banking major, which has already received the Reserve Bank's approval for the IDR issue is understood to be in discussion with the market regulator Sebi to go ahead with the listing process by the middle of next year. IDR is the process by which a foreign company raises funds from Indian capital markets.
The banking behemoth, in its interim management statement last month, had said that it was actively considering to hit the Indian stock markets and was working with the regulators here for the same.
StanChart India, which is the largest and the oldest foreign bank in the country, has 90 branches in 33 cities and a combined customer base of around 20 lakh retail customers and over 2,000 corporate and institutional relationships. It has received approval to open four more branches by December.
StanChart, which is present in over 70 countries, earns more than 90 per cent of its operating income and profits in Asia, Africa and the Middle East.
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