Standard Chartered increases stake in Standard Chartered-STCI Capital Markets to 100%
To infuse $45 million of additional capital into the company
MUMBAI, 18 October 2010: Standard Chartered today announced that it has increased its holding in Standard Chartered-STCI Capital Markets Limited (the Company), a leading brokerage in India, to 100 per cent by the acquisition of its local partner's, Securities Trading Corporation of India (STCI), 25.1 per cent stake. Following receipt of all necessary regulatory approvals, the transaction has been completed.
Neeraj Swaroop, Regional CEO, India & South Asia, Standard Chartered Bank said: "This transaction reiterates our commitment and the focus we have on our India franchise. Standard Chartered plans to provide additional capital of USD 45 million to the Company by January 2012, of which USD 20 million has already been injected in October."
The Company will be rebranded in the coming months to reflect the new ownership, subject to necessary regulatory approvals.