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Mr Swaroop expects StanChart's income to grow at an annual rate of 15-20 per cent in three years.

Mumbai , April 10

Standard Chartered Bank expects Tier II and Tier III cities to contribute 40 per cent to its income in the span of two to three years, up from the current 20-30 per cent, said Mr Neeraj Swaroop, CEO, India.

Demand from SMEs for wealth management, investment products, insurance and consumer finance would help achieve this growth, Mr Swaroop said. With respect to the proposed Asset Reconstruction Company that StanChart plans to set up, Mr Swaroop said that bank had roped in four public sector banks that have a substantial portfolio of NPAs. StanChart would bring in 49 per cent of the capital and the application for the ARC will be made in June or July. Indian operations are currently the third largest contributor of the bank's profits, next to Hong Kong and Korea. In 2005, the profit from India was $235 million, out of the global profit of $2,690 million. Mr Swaroop expects Standard Chartered's income to grow at an annual rate of 15-20 per cent in three years.

Mr Swaroop said interest rates were stable with a slight upward bias.

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