Stanchart puts $120M in Indian biz

By agencies   |   Thursday, 03 November 2005, 20:30 IST
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NEW DELHI: London based banking major Standard Chartered Bank Plc has invested $120 million so far this year in its Indian operations, which is expected to contribute over 10 percent of its global profits in 2005. "Last year, the Indian operations contributed about $200 million or 10 per cent of the global profits. We hope to maintain it and grow it," Stanchart general manager (South Asia), Jaspal S Bindra said. The bank had expanded in India last year. Bindra said the bank would continue to expand its Indian operations by opening 10-12 branches every year and focus on India's booming retail segment. To sustain the growth momentum, Standard Chartered Bank Plc has invested $100 million in the Indian bank arm in two tranches - $50 million in June and an equivalent amount last month. bank has also infused $20 million in the non-banking finance company in India. The bank is in no hurry to acquire banks in India as of now, but will explore such possibilities after government and RBI relaxes the regulations in 2010, he said. While ruling out inorganic growth in near future, Bindra said Stanchart continues to focus on organic growth. Stanchart has also partnered other Indian banks in setting up an asset reconstruction company.