StanChart buys additional 25.9% stake in securities arm

Global banking major Standard Chartered has increased its stake holding in Standard Chartered-STCI Capital Markets to 74.9 per cent by acquiring an additional 25.9 per cent stake for an undisclosed amount.

StanChart had acquired a 49 per cent stake in the former UTI Securities, from Securities Trading Corporation of India (STCI) in January this year for a consideration of $36 million.

"This strategic initiative is a reflection of our long-term commitment to the Indian market despite the current economic slowdown," StanChart's Regional CEO Neeraj Swaroop said in the statement here today.

The acquisition is in line with the original plan between both parties according to which StanChart will acquire 100 per cent in the brokerage, the statement said.