StanChart eyes greater business pie in Gujarat

Fourth branch to be opened this year

Standard Chartered Bank, the largest foreign bank in the country, has chalked out a plan to accelerate its business in Gujarat. It will focus on core segments where the state is a leader.

Christopher Low, CEO, India region of Standard Chartered Bank and other top officials of the bank also met Gujarat chief secretary P K Laheri in this connection.

StaChart has identified oil and gas, commodity exports, port development, textiles, chemicals, power, pharmaceuticals and infrastructure projects as offering as significant opportunities for growth. State government officials listed out the various sectors where the bank could provide finance, during the meeting in Gandhinagar on Monday.

Meanwhile, StanChart has announced that it will open its fourth branch in Gujarat, at Rajkot, this year. The bank entered the state in 1998 with its Ahmedabad branch. It opened two more branches at Vadodara and Surat in 2003.

StanChart is India's largest international bank with 66 branches in 24 cities.

"Gujarat has tremendous business potential. It is at the second position as far as inward investments are concerned and the recent oil and gas finds in the state will help us. The bank is looking at several key sectors where it can play a key role in financing. We are looking at working closely with PSU companies and the state government," said Low said.

He added that other sectors that the banks is looking at for financing are tourism and agro-processing.

Low stated that while 12 per cent of the company's global business was generated from India last year. He expects this to rise to at least 15 per cent in the next two or three years.

"India is one of the key countries for the bank. StanChart has a manpower of close to 9000 in the country, including the bank's BPO at Chennai," said Low.

Ashok Sud, regional head, client relationships, India region, SCB, said - "Our wholesale (corporate) banking business in Gujarat has grown significantly in the past year and we have built up relations with leading business houses."