London, Oct 09: Standard Chartered Plc, the largest foreign bank in India, has said it is optimistic over its business prospects in that country.
"We have reason to believe, as an institution, that India is a great opportunity," Jaspal Bindra, chief executive of the bank's Indian operations, told reporters in London.

Standard Chartered is headquartered in London, but makes most of its money in Asia. Hong Kong accounts for around one-third of group revenue.

India accounts for about 9 per cent, and the bank significantly raised its profile in that country after its $1.3 billion takeover of Grindlays bank two years ago.

Standard Chartered, whose main overseas rivals in India are HSBC and Citibank , said in August that pretax profits for the first half of the year rose 1 percent to $634 million. Bureau Report