Standard Chartered Bank is looking to restructure its portfolio of business in India. "We are looking at reshuffling our portfolio of business in India. As part of that we are evaluating various option for our asset management company and a sale is just one of the options," said Neeraj Swaroop, CEO, Standard Chartered Bank India, on the sidelines of FICCI-IBA Conference on Global Banking: Paradigm Shift. | |
| The other options would be to retain the asset management business or to enter into a partnership. The bank is also putting in place its plans for entering the retail broking business. |
| |
| "We are interested in setting up a broking operation in India. We have a set of clients who would be interested in this kind of a service," said Swaroop. |
| |
| While denying reports that Standard Chartered Bank was in the race for acquiring a stake in Indiabulls Securities, an unlisted broking arm of Indiabulls, Swaroop said, "We are looking at various options which would include either setting up out own broking business or an acquisition. However, we have never evinced any interest in Indiabulls Securities." |
| |
| Standard Chartered Bank will buy out UTI Securities 26 per cent stake in their primary dealership venture Standard Chartered UTI Securities (SCUTI). |
| |
| "We are planning to buy out UTI Securities stake in that venture," said Swaroop. Standard Chartered is the majority partner in this venture with a 74 per cent holding in SCUTI, which was set-up in 2001 with a paid-up capital of Rs 50 crore. |
| |
| Talks have been on regarding UTI Securities stake in Standard Chartered UTI Securities India Pvt Ltd since UTI Securities was acquired by Securities Trading Corporation of India, earlier this year. |
| |
|
| |
