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June 12, 2001
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Money > Business Headlines > Report June 12, 2001 |
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StanChart in talks to buy cards, house-loansBS Banking Bureau Standard Chartered Bank is in talks with smaller banks to buy out credit cards and housing loans portfolios in an attempt at inorganic growth. "We are in talks with one or two players for picking up portfolios in credit cards and housing finance. However, talks are only at a preliminary stage and no timeframe can be given," said StanChart general manager and chief executive (India), Harpal Dugal. According to Dugal, the bank is not in a hurry to pick up any portfolio, as "we would like to know why the other company is getting out of the business -- whether it is a strategic decision." Some of the public sector banks want to get out of the credit card business as they are not making much head-way and are facing problems with NPA management, added Dugal. Though StanChart has been late getting into the credit card business it claims to be number one now. "We have a credit card base of 1.1 million customers with a total annual card-spend of Rs 20-25 billion. In the case of incremental growth we are also number one among credit cards-issuing banks," said Dugal. On the integration of Standard Chartered Grindlays with StanChart, Dugal said in some areas the bank has been ahead of schedule. Dugal was speaking at the sidelines of a conference to announce the alliance between his bank and portal Rediff.com to provide online and offline banking and related services. Users of Rediff.com can access information about the bank's products and services through the portal. StanChart will be its launching its Internet banking this year along with an e-credit card. The bank has already connected the ATMs of both the banks while the credit card portfolio of the two banks would be integrated by August. The final integration of the two banks will be completed by the second or third quarter next year. The bank has yet to take a decision on whether to integrate Standard Chartered Grindlays with Standard Chartered Bank. "The Grindlays name is very strong in India. We do not want to kill the brand and would like to leverage it," said Dugal. Powered by YOU MAY ALSO WANT TO READ:
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