Business Daily from THE HINDU group of publications
Tuesday, May 29, 2007
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Business Daily from THE HINDU group of publications Tuesday, May 29, 2007 ePaper |
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Foreign Banks Money & Banking - Mergers & Acquisitions Markets - Financial Services Our Bureau
Mumbai May 28 Standard Chartered Bank is in negotiations with Securities Trading Corporation of India (STCI) to buy an initial 49 per cent stake in the investment and broking firm UTI Securities for an undisclosed amount. STCI is the holding company of UTI Securities. Through the deal, Standard Chartered will enter the retail stock broking in Asia for the first time in more than a decade. UTI Securities offers institutional broking, retail broking and online broking. "We are in an advanced stage of negotiation with Standard Chartered group for sale of 49 per cent of UTI Securities. The valuation of the deal is still being decided," said Mr G. Narayanan, Managing Director, STCI. There is no merchant banker involved in the deal. However, STCI has appointed a consultant for the deal, while Ernst and Young will carry out the due diligence, added Mr Narayanan. Standard Chartered Bank, while confirming the acquisition, declined to give details of the deal. "We are in early stages of exclusive talks with STCI to buy a stake in UTI Securities. It is, however, premature to give any details," said Mr Arijit De, Head — External Communications, Standard Chartered Bank, in India. The deal is likely to help Standard Chartered to expand services to its wealthy customers and increase its number of clients. UTI Securities, in turn, will get a strategic partner with strong capabilities. In February 2006, STCI had bought 100 per cent stake in UTI Securities for Rs 265 crore from the Specified Undertaking of UTI.
Related Stories: More Stories on : Foreign Banks | Mergers & Acquisitions | Financial Services
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