Standard Chartered Bank is contemplating forming a subsidiary for its banking network and is scouting for acquisitions to grow its business in an effort to retain its status as the largest foreign bank in India.
Asked if the bank would set up a corporate entity for its Indian branch network, Standard Chartered chairman Bryan Sanderson told reporters in Mumbai that the bank would like to be flexible on its business strategy including forming subsidiary.
"The bank has not applied to the Reserve Bank of India for it (subsidiary). Let the new government settle at the centre," Sanderson said.
The Indian banking environment was fiercely competitive with the strong presence of foreign and domestic banks and StanChart would formulate strategies to retain its leadership, he added.
The focus would be to drive business growth in the wholesale and consumer business, while investment banking would be low on priority, he said, adding that it was looking at the inorganic route (acquisitions) to grow its business presence in the country.
On the issue of 10 per cent limit on voting rights, he said: "It will not deter us but it (cap) is not a positive thing."
StanChart would step up sourcing of IT services from India for its global requirements and accordingly increase the capacity of its centre in Chennai from the current 3,500 to 4,000 seats, he added.
