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StanChart looking at acquisitions in India
By siliconindia staff writer
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Friday, 14 May 2004, 19:30 IST
MUMBAI: Standard Chartered Bank is looking at acquisitions to help build a bigger presence in India and China. StanChart emerged as the biggest foreign bank in India after it acquired Grindlays four years ago.
At the annual meeting of Standard Chartered in London yesterday, Bryan Sanderson, chairman, StanChart said that acquisitions would help the bank build a bigger presence in the two countries.
The Asian economies were outperforming other areas of the world and gathering pace, with China and India particularly strong. Trade flows are outstripping GDP growth, benefiting our core regions, Mr Sanderson said.
The bank had recorded a 22% rise in profits to a record of $1.54 billion in calendar year 2003 on the back of a turnaround in Hong Kong, its largest market in Asia.
We will continue to consider acquisitions, but we are very disciplined in our approach. There are a few opportunities for us to build a bigger presence, examples are India and China, said Sanderson in a UK Regulatory News Service statement.