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| StanChart eyes small biz buyouts in India |
| Press Trust of India / London/New Delhi Aug 04, 2009, 19:39 IST |
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British financial services entity Standard Chartered today said it is looking at acquiring small businesses in India.
"...We are in discussions to buy some small businesses in India and China, which may or may not result in a transaction. If they do, the consideration is likely to be in the low hundreds of millions of dollars," StanChart's Group Chief Executive Peter Sands said.
Sands noted that most of the growth plans would be organic but added that it would also "look to make acquisitions where they complement our organic investments".
StanChart is the largest foreign bank in India having 90 branches across the country.
StanChart has also evinced interest in buying out the retail and commercial banking business of Royal Bank of Scotland (RBS) in India.
"We are still a bidder (for RBS assets in Asia including India)... These things take time," StanChart Asia Chief Executive Officer Jaspal Bindra said in April.
In a statement today, Sands noted that the bank would remain focused on Asia, Africa and the Middle East markets that offer growth and which we know intimately.
Last year, StanChart celebrated 150 years of history in India and China.
StanChart today reported a 10 per cent jump in profit before tax at $2.83 billion for the first six months of 2009.
"We have achieved record results through our disciplined management approach and the diversity of our business and markets in Asia, Africa and the Middle East," StanChart's Chairman John Peace said.
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