The two economic behemoths China and India

The two economic behemoths China and India are lucrative markets and Standard Chartered is well poised to capitalise on both. The Indian market (with 87 offices) has been of particular strategic importance; in 2006 alone it made a whopping profit of $400 million. Moreover, the bank has taken strong strides in the Wholesale Banking domain. Also, their financial advisory services for expansion outside India have been their forte (Tata Corus deal is a point in case), which can bring in more growth at this point when India Inc. is poised on an outbound acquisition binge. In China, they expect to have around 40 outlets (subject to regulatory approvals).

For now, the bank’s current deposits base in India stands at Rs.284.6 billion whereas investments are to the tune of Rs.118.12 billion. The bank also appointed the telecom tycoon Sunil Bharti Mittal as an independent non-executive director (with effect from August 1, 2007), besides joining the race to pick up 49% stake in UTI Securities. It sure seems that Standard Chartered has turned on the heat in India. The perspirations will come in time.

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Source : IIPM Editorial, 2006

An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative

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