Citi May Be In Talks For Buying Stanchart Portfolio In India

Something is brewing in Standard Chartered Bank. At least, in its India operations. Even though officials refuse to comment, sources say that Citibank, which has been holding protracted negotiations with the Anglo-Asian Standard Chartered Bank to buy it out, has completed the due-diligence exercise on the bank in India. The due diligence was completed in December.

ICICI Securities, the investment banking arm of ICICI, did the due diligence of Stanchart at its Chennai office. Sources said a four-member I-Sec team was involved in the exercise. Although Stanchart