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Stanchart floats NBFC, to commence operations next month
Mumbai, Dec 01: Standard Chartered Bank has floated a wholly-owned subsidiary to be used as a loan vehicle with an authorised capital of USD50 million.
Mumbai, Dec 01: Standard Chartered Bank has floated a wholly-owned subsidiary to be used as a loan vehicle with an authorised capital of USD50 million.
"We have registered the non-banking finance company (NBFC) and expect it to commence operations in the next month," Standard Chartered Bank chief executive officer Chris Low said.
Standard Chartered Investment and Loans, with an initial capital of USD7 million, would be used as a loan vehicle for the bank. However, the NBFC would not accept deposits from the public, he said.
The entity would raise funds by floating papers (bonds) in the market, he added. Earlier, SCB global head corporates and institutions Jaspal Bindra said Indian operations contribute 14-15 per cent of the group's total business.
" India was currently the fastest growing market and we expect it to stay that way," he said, adding that there were also some other emerging markets such as China .
Stating that there was nothing on acquisition radar as of now, he said it was one of the routes available for growth.
SCB group head product management (wholesale banking) Mark Myers said they would also introduce e-solutions such as B2BeX in India in first quarter of 2004.
At present, this product, developed by investing over USD100 million, was available only in Hong Kong , Singapore and United Kingdom .
Web Bank, an internet banking service for wholesale bank clients, would also be introduced shortly, he added.
Bureau Report
"We have registered the non-banking finance company (NBFC) and expect it to commence operations in the next month," Standard Chartered Bank chief executive officer Chris Low said.
Standard Chartered Investment and Loans, with an initial capital of USD7 million, would be used as a loan vehicle for the bank. However, the NBFC would not accept deposits from the public, he said.
The entity would raise funds by floating papers (bonds) in the market, he added. Earlier, SCB global head corporates and institutions Jaspal Bindra said Indian operations contribute 14-15 per cent of the group's total business.
" India was currently the fastest growing market and we expect it to stay that way," he said, adding that there were also some other emerging markets such as China .
Stating that there was nothing on acquisition radar as of now, he said it was one of the routes available for growth.
SCB group head product management (wholesale banking) Mark Myers said they would also introduce e-solutions such as B2BeX in India in first quarter of 2004.
At present, this product, developed by investing over USD100 million, was available only in Hong Kong , Singapore and United Kingdom .
Web Bank, an internet banking service for wholesale bank clients, would also be introduced shortly, he added.
Bureau Report