Acquisition - STCI

RNS Number : 5335U

Standard Chartered PLC

18 October 2010

 



Standard Chartered PLC

18 October 2010

Standard Chartered increases stake in Standard Chartered-STCI Capital Markets to 100 per cent

Standard Chartered today announced that it has increased its holding in Standard Chartered-STCI Capital Markets Limited ("the Company"), a leading brokerage in India, to 100 per cent by the acquisition of its local partner's, Securities Trading Corporation of India ("STCI"), 25.1 per cent stake.

Following receipt of all necessary regulatory approvals, the transaction was completed. As of 30 June 2010 the gross assets of the Company were USD 23.5 million.

Jaspal Bindra, Group Executive Director & CEO Asia, Standard Chartered said: "This transaction reiterates our commitment and the focus we have on our India franchise. Standard Chartered plans to provide additional capital of USD 45 million to the Company by January 2012, of which USD 20 million has already been injected in October."

The Company will be rebranded in the coming months to reflect the new ownership, subject to necessary regulatory approvals.

The Company currently offers retail and institutional broking, wealth management products and investment banking services. It services over 150,000 retail customers from 112 locations across India. To expand the business and to significantly ramp up capabilities in institutional equity research, sales and equity capital market, the Company has made several senior level hires in the last quarter.

For further information, please contact:

Stephen Atkinson, Head of Investor Relations                               [phone]

Ashia Razzaq, Head of Investor Relations, Asia                            [phone]
Jon Tracey, Head of Media Relations                                           [phone]

Arijit De, Head of External Communications, South Asia               [phone]

Notes to Editors:

Standard Chartered - leading the way in Asia, Africa and the Middle East 

Standard Chartered PLC, listed on the London and Hong Kong Stock Exchanges, as well as the Bombay and National Stock Exchanges in India, ranks among the top 20 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets within Asia, Africa and the Middle East. Standard Chartered has produced seven years of record profits on the back of record income.

Standard Chartered aspires to be the best international bank for its customers across its markets, leading the way in Asia, Africa and the Middle East. The Group has approximately 1,700 branches and outlets in more than 70 countries. The strong growth of its markets and businesses creates exciting and challenging international career opportunities.

The Group is committed to building a sustainable business over the long term and upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs over 80,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which nearly 70 are represented in the senior management.

For further information on Standard Chartered, please visit www.standardchartered.com

Standard Chartered Bank in India

Standard Chartered Bank is India's largest international bank with 94 branches in 37 cities, a combined customer base of over 2 million retail customers and more than 2,000 corporate and institutional relationships. Key businesses comprise Consumer Banking, including deposits, loans, wealth management, private banking and SME banking; and Wholesale Banking, which includes cash transaction banking, treasury, corporate finance and custody services. For more information, visit www.standardchartered.co.in

 

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