The Hindu Business Line : StanChart to grow Prime Financial

Standard Chartered, the global banker with a large presence in India, plans to grab unfolding opportunities in consumer loans, through a major expansion of its non-banking financial company (NBFC) during 2006.

The StanChart Investments and Loans Ltd (SCIIL), the legal NBFC, will add 44 new outlets across the country, to the existing 16 under its brand name `Prime Financial', according to Mr Neeraj Swaroop, Chief Executive Officer-India (CEO), of Standard Chartered Bank.

These outlets will offer `Small ticket' consumer loans to a variety of needs of the people, ranging from traditional weddings to buying modern gadgets for the youth. StanChart is betting big on this business to grow, he told Business Line here.

`Prime Financial', launched in August 2005, will be 60-strong outlets by end of 2006. "Our prime target is the small income group with incomes of around Rs 8,000-10,000, who are generally out the purview of the regular banking system. They could be keen to buy a colour TV, a scooter or any consumer durable," he said. The home loan, personal loan and the overall consumer finance business would be consolidated through these outlets.

Credit card biz

On the credit card business, Mr Swaroop said being an early entrant in the segment, StanChart is amongst the top four in numbers with a customer base of 1.8 million.

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