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'Standard Chartered is betting on SMEs in India to help grow wealth management business'

Economic Times

Economic Times · 1m ago

'Standard Chartered is betting on SMEs in India to help grow wealth management business'

Standard Chartered is expanding its small and medium enterprises (SME) business in India to boost its wealth management segment. The bank views SMEs as a vital driver for wealth creation in Asia, allowing for cross-selling opportunities. With double-digit growth in India’s SME sector, the bank aims to tap into the growing middle-class and regional opportunities, particularly in Asia and Africa. CEO Bill Winters plans to double investments in wealth management to develop future affluent clients.

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Standard Chartered India CEO Zarin Daruwala to retire on April 1

VCCircle

VCCircle · 10m ago

Standard Chartered India CEO Zarin Daruwala to retire on April 1

- Standard Chartered's India and South Asia CEO Zarin Daruwala to retire on April 1, 2025. - Standard Chartered will announce Daruwala's successor at a later date. - Daruwala joined Standard Chartered in 2016 and has over 35 years of banking experience. - India has become one of the largest markets for the group under Daruwala's leadership. - Daruwala focused on cross-border solutions in corporate, investment banking, and wealth and retail banking.

Kotak Mahindra Bank to buy StanChart India’s personal loan book

VCCircle

VCCircle · 9m ago

Kotak Mahindra Bank to buy StanChart India’s personal loan book

Kotak Mahindra Bank has agreed to acquire Standard Chartered Bank's personal loan book in India. The acquisition will bolster Kotak Mahindra Bank's position in the retail credit market. The personal loan book has an outstanding value of around $490 million. The transaction is expected to be completed within three months, subject to regulatory approval. Kotak Mahindra Bank sees this deal as an opportunity to strengthen its presence in the affluent customer segment and expand its retail lending space. On the other hand, Standard Chartered Bank aims to focus on accelerating growth in the wealth, affluent, and SME segment.

StanChart picks former JPMorgan executive as next India head

VCCircle

VCCircle · 8m ago

StanChart picks former JPMorgan executive as next India head

Standard Chartered has selected former JPMorgan executive P.D. Singh as its next CEO for India and South Asia. The appointment is pending approval from the Reserve Bank of India. If approved, Singh will replace Zarin Daruwala, who is set to retire in April 2025. Standard Chartered has been in India for over 160 years and has a network of 100 branches in 42 cities.

CCI approves Kotak Mahindra Bank’s proposal to buy Standard Chartered’s ₹4,100 crore personal loan book | Company Business News

Livemint

Livemint · 8m ago

CCI approves Kotak Mahindra Bank’s proposal to buy Standard Chartered’s ₹4,100 crore personal loan book | Company Business News

The Competition Commission of India (CCI) has approved Kotak Mahindra Bank's proposal to acquire Standard Chartered's unsecured personal loan book worth ₹4,100 crore. The acquisition involves the transfer of the target business from Standard Chartered Bank India Branch to Kotak Mahindra Bank. Kotak Mahindra Bank is a public limited company listed on the BSE and NSE and is registered with the Reserve Bank of India. The approval from CCI allows the bank to proceed with the acquisition and expand its retail banking operations in India.

Vivriti Asset bolsters credit team with senior hires from StanChart, Edelweiss Alts

VCCircle

VCCircle · 3m ago

Vivriti Asset bolsters credit team with senior hires from StanChart, Edelweiss Alts

Vivriti Asset Management, the credit arm of Vivriti Group, has expanded its investment team by hiring senior professionals from Standard Chartered Bank and Edelweiss Alternatives. The company announced the appointment of two senior fund managers: Nischal Shah, formerly with Standard Chartered Bank, and Priyam Kedia, formerly with Edelweiss Alternatives. These strategic hires are part of Vivriti's efforts to bolster its credit-focused investment capabilities.

ICAI refers BYJU'S case to disciplinary panel: Report

Inshorts · 2y ago

ICAI refers BYJU'S case to disciplinary panel: Report

The Institute of Chartered Accountants of India (ICAI) has transferred the issue regarding troubled company BYJU'S to its disciplinary committee after an initial examination by ICAI's financial reporting review board, according to Business Standard. The raised concerns will undergo additional evaluation by the committee, and if the auditor is deemed at fault, a potential fine of up to ₹5 lakh could be levied.

Standard Chartered picks new regional heads amid investment banking reshuffle

VCCircle

VCCircle · 1y ago

Standard Chartered picks new regional heads amid investment banking reshuffle

Standard Chartered is making changes to its management team by appointing new regional heads in its corporate and investment banking business. The move is aimed at expanding the bank's client base and promoting internal talent. The new appointments include Torry Berntsen as executive vice-chairman for CIB Europe, Americas, the Middle East & Africa, Steve Cranwell as head of operations for the United States, Europe, and the Americas, Kariuki Ngari for Kenya and Africa, and Rola Abu Manneh for the United Arab Emirates and the wider Middle East region and Pakistan. The bank aims to simplify its operations and focus on driving higher returns.

Mint Primer | Family offices total 300 now. What’s driving them?

Livemint

Livemint · 1m ago

Mint Primer | Family offices total 300 now. What’s driving them?

India's ultra-rich are increasingly turning to family offices, which have surged from 45 in 2018 to 300 in 2024, for better wealth management. These offices help preserve and grow assets through strategic investments in areas like startups and alternative funds, while also focusing on estate planning and philanthropy aligned with family values. Modern technologies are enhancing their operational efficiency, portfolio management, and compliance, reflecting a shift from traditional low-yield investments to diversified, tech-driven strategies.

Standard Chartered makes three new hires in India to boost private credit business

VCCircle

VCCircle · 4m ago

Standard Chartered makes three new hires in India to boost private credit business

Standard Chartered has strengthened its private credit business in India by hiring three new executives. Ankit Raghav, formerly at UBS Group, joins as a director in the leveraged and acquisition finance and private credit team, reporting to Managing Director Pritha Majumdar. Ankit Dokania is also appointed to this team, while S. Siddharth joins as executive director for the private and traded credit team. The move aims to address rising private credit demand in India and Asia.

Trade-enablement startup Xindus raises $10 million funding from 3one4 Capital, others

Economic Times

Economic Times · 4m ago

Trade-enablement startup Xindus raises $10 million funding from 3one4 Capital, others

Xindus, a Gurgaon-based trade-enablement startup for SMEs, secured $10 million in funding led by 3one4 Capital and Orios Venture Partners. The funds aim to expand operations, increase the customer base from 1,000 to 10,000, and boost gross merchandise value to $200 million. Founded in 2022, Xindus streamlines global market access for Indian SMEs by enhancing order fulfillment and financial management. The startup plans to grow in India, the US, the UK, and new markets like Canada and Australia.

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