News: StanChart to expand in smaller Indian cities
(RTR 10/04/2006) Mumbai - The Standard Chartered Plc., plans to expand into smaller cities to lend to the growing Indian middle class, a senior bank official, said on Monday.
Many banks are expanding their highly profitable retail portfolios, fulfilling middle-class aspirations to own homes and cars.
"The penetration of retail banking in the smaller cities is very low and there's big opportunity out there," Neeraj Swaroop, Chief Executive Officer of the bank's Indian operations, told reporters on the sidelines of a conference.
Swaroop said Standard Chartered had submitted an expansion plan to RBI. He did not elaborate.
He said the bank had 81 branches, nearly a third of all branches of foreign banks in the country.
Standard Chartered was also keen to acquire banks, but the RBI’s regulations restricted its choice to just weak banks, Swaroop said.
"We, always as a strategy, are looking at inorganic growth," Swaroop said. "Within the central bank guidelines, there are opportunities," Swaroop said.
Many banks are expanding their highly profitable retail portfolios, fulfilling middle-class aspirations to own homes and cars.
"The penetration of retail banking in the smaller cities is very low and there's big opportunity out there," Neeraj Swaroop, Chief Executive Officer of the bank's Indian operations, told reporters on the sidelines of a conference.
Swaroop said Standard Chartered had submitted an expansion plan to RBI. He did not elaborate.
He said the bank had 81 branches, nearly a third of all branches of foreign banks in the country.
Standard Chartered was also keen to acquire banks, but the RBI’s regulations restricted its choice to just weak banks, Swaroop said.
"We, always as a strategy, are looking at inorganic growth," Swaroop said. "Within the central bank guidelines, there are opportunities," Swaroop said.
posted by InCar Group Press Room at 15:39
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