Business Daily from THE HINDU group of publications
Friday, Sep 21, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Sep 21, 2007 ePaper |
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Money & Banking
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Foreign Banks StanChart mulls film financing Priya Nair Mumbai, Sept. 20 Standard Chartered Bank is planning to tap areas such as film financing and flying academies under its middle market segment. This segment, which includes corporates having a turnover of up to Rs 800 crore, is expected to grow at 100 per cent this year, said Mr Sanjeev Paul, Managing Director, Regional Head-Local Corporates, India and South Asia. “We have developed sectoral expertise in about 30 sectors, where India has competitive advantage. These are areas such as auto and textile. But now we are thinking of film financing under this segment, as we have the expertise and have done it in Hong Kong. We would like to start in Mumbai and then move to regional areas like South,” said Mr Paul. The bank is also thinking of tapping flying academies. Given that the aviation sector is booming, these institutions would require funds for importing equipment for training, Mr Paul added. Middle market currently forms 15 per cent of the total wholesale banking balance sheet for Standard Chartered and has been growing at 100 per cent per annum for since 2004. Under this segment, the bank offers its services in 20 cities and will add Jaipur to the list by December 2007. Apart from rupee and foreign currency term loans, the bank offers products like ECBs, FCCBs, structured credit, foreign exchange services, factoring, and supply chain financing. Following the acquisition of UTI Securities, the bank is also planning to offer investment banking services to this segment. More Stories on : Foreign Banks | Credit Market | Cinema
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