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Our Bureau

Kolkata April 10 Standard Chartered Bank has decided to launch private banking services in India as part of its plan to tap wealthy customers in a better manner.

The banking group, which offers such services in some of its key markets, including Hong Kong, Singapore and Korea, feels private banking will help consolidate its presence in a country that currently contributes well over 12 per cent of its overall revenues.

"India will be among the first few markets where we will introduce private banking," said Mr Neeraj Swaroop, CEO - India, SCB. The country's private banking space is set to become wider, thanks to a marked growth in the number of potential customers, he added.

The private banking scenario is currently fractured, thanks to the wide range of services - some of these are branded and promoted quite aggressively - that various banks provide under the `private banking' umbrella. For SCB, details of the rollout are now being finalised. Some of its current initiatives focus on meeting wealth management needs of clients.

The bank's confidence in the Indian market has grown in recent years, thanks to developments taking place rapidly on the economic front.

The country currently accounts for a significant part of SCB's global revenues, its third-largest operation. In fact, it has grown at a CAGR of 22 per cent in the last five years. SCB's balance sheet in India stood at Rs 48,000 crore in March 2006.

The next set of numbers is likely to be in line with the trend seen in the recent past, Mr Swaroop told newspersons. In the days ahead, SCB will focus on securing revenues from value-added products, ones that stem from non-lending businesses.

The bank, like other entities in the banking sector, may see a slowdown in retail lending. It has, in particular, taken note of the recent changes in interest rates.

ARC partners by June-end

Standard Chartered Bank, which intends to set up an asset reconstruction company (ARC) in India, will finalise four partners by June-end. Plans in this regard have lately seen a slowdown.

SCB, which will hold 49 per cent in the venture, is talking to a number of banks. These include Central Bank of India which is said to be willing to enter into a partnership. Oriental Bank of Commerce is not seen as very keen; however nothing has been conveyed by it officially.

"We are not sure who the partners will be. But they will be finalised by the second quarter of the current fiscal. At the moment, we are in talks with several players."

More Stories on : Foreign Banks | Private Banks | Non-Performing Assets

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