StanChart India to start pvt banking biz

Standard Chartered Bank is planning to launch private banking business in India. This was announced by Neeraj Swaroop, chief executive officer- India, Standard Chartered Bank, today. The UK-based bank has private banking service in Singapore, Dubai and Hong Kong.

The bank is also planning to offer equity broking services. It has already expressed interest for a stake in UTI Securities. "Equity broking complements the wealth management service offered by the bank," Swaroop said.

The decision also goes well with the bank's strategy to increase the number of products instead of increasing the loan portfolio substantially.