Standard Chartered increases stake in Indian securities

by Richard Kilner

Story link: Standard Chartered increases stake in Indian securities

Standard Chartered Bank has increased its stake in Standard Chartered-STCI Capital Markets Limited by 25.9%, bringing its holding to 74.9%.

The firm presently offers its services as Standard Chartered Wealth Managers.

Initially, in January of this year, Standard Chartered acquired 49% of Securities Trading Corporation of India Limited (STCI) after gaining the green light from regulators.

The increase in the bank’s stake was always intended to take place, with a planned 100% stakeholding to be set for 2010.

Standard Chartered’s CEO for India and South Asia, Neeraj Swaroop, has described the strategic move as underlining the firm’s commitment to the subcontinent, regardless of the present economic downturn.

He went on to add that he believed the bank’s partnership would enable customers to continue to enjoy competitive investment opportunities.