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| StanChart mulls listing in India |
| Press Trust of India / New Delhi/London Oct 29, 2009, 15:40 IST |
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The UK-based global banking giant, Standard Chartered, today said it is actively considering listing of its shares in India and discussions were on with the relevant authorities in the country.
Besides, it is also exploring the possibility of listing itself in another emerging Asian market China, the banking behemoth said.
"Standard Chartered is actively considering listing of its shares in India via an issue of Indian Depository Receipts (IDRs) in order to grow brand presence and its business in this key market," the bank said in its interim management statement for the third quarter of 2009.
"We are working with the Indian authorities and a decision on timing will be taken in due course," the bank said, adding, it was also exploring the possibility of listing in China.
Earlier this month, Standard Chartered's India and South Asia CEO Neeraj Swaroop had said it has got approval from the Reserve Bank of India for the IDR listing and would approach the market regulator SEBI in due course.
Standard Chartered, which raised $1.6-billion in August by issue of new shares to support its business growth in emerging markets, could become the first foreign entity to list its IDRs in India.
Standard Chartered, which is present in over 70 countries and employs over 70,000 people, earns more than 90 per cent of its operating income and profits in Asia, Africa and the Middle East, generated by its Wholesale Banking and Consumer Banking businesses. It is also one of the oldest among the foreign banks operating in India.
"It is clear that the economies in Asia are rebounding and they remain resilient. Their economic growth rates remain well above the rates of growth for markets in the West.
"This greater resilience is also attracting increased level of competitive behaviour from both local and international banks," the lender said in its interim management statement.
The bank's Group CEO Peter Sands said: "Although economic data and the underlying environment are improving, it remains too early to call a sustained recovery and we remain cautious on the outlook.
"However, it is ever clearer that our markets in Asia, Africa and the Middle East are emerging more quickly and stronger than a number of markets in the West.
"Standard Chartered remains well placed, with an excellent balance sheet, serving its customers and is enjoying continued good momentum across multiple markets."
The bank said it continued to make good progress during the third quarter of 2009, building on the record income and profits in the first half of the year.
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