The Hindu Business Line : StanChart gets RBI nod for stake buy in UTI Sec

Mumbai, Dec 11 Standard Chartered Bank Mauritius has received the Reserve Bank of India’s approval to acquire 49 per cent stake in broking firm, UTI Securities Ltd, from Securities Trading Corporation of India.

Mr P.R. Somasundaram, current Regional Head of Strategic Initiatives, South Asia, Standard Chartered Bank, will be the new Managing Director of the brokerage, said a press release from Standard Chartered.

Standard Chartered has the option to acquire another 25 per cent in 2008, and the final 26 per cent in 2010, subject to regulatory approvals. The bank is looking to make significant investments of up to $50 million over the next few years to 2010 to upgrade technology, implement top-in-class risk management systems, develop talent, strengthen the distribution network, in addition to enhancing the capital base, the release said.

The bank will re-name the company to reflect the shareholding. Both partners will agree on the re-branding to position the product offerings to the relevant customer segments, the release added.

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