Morgan To Expand India Operations

Morgan Stanley, the global investment banking giant, has decided to aggressively expand its activities in India, following the advantages it has reaped after its merger with Dean Witter, Discover and Co, worldwide.

The new entity, called Morgan Stanley Dean Witter, Discover and Co, sees itself as a major player in the Indian financial market.

"We, at Morgan Stanley, regard this as a significant development for our clients in India," said C Barrows Hall, president, Morgan Stanley India. Hall says that though Dean Witter did not have business interests in India, the combined firm would be able to provide enhanced global equity and debt distribution capabilities for its Indian private and public sector issuers.

 

This would be through substantially expanded sales force and investor base.

Besides, the combined capital resources of the merged firm would allow Morgan Stanley to continue investing in other business activities.

The Morgan Stanley merger with Dean Witter has created a mega global financial services firm with a market capitalisation of a hefty $21 billion and leading market positions in three primary businesses - securities, asset management and credit services.

The merger was completed on May 31 and approved by shareholders of both the companies. The company has over 45,000 employees and 409 offices in 38 countries worldwide. In total assets under management, the company manages over $270 billion.

The firm is a leading credit card issuer with 39 million customers and had credit card sales volume at $54 billion last year.