Wed, Feb 27, 2013 at 20:36
Standard Chartered Plc is in talks to buy Morgan Stanley's Indian private wealth management unit, which manages about USD 1 billion including loans, two sources with direct knowledge of the situation said on Wednesday.
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StanChart may buy Morgan Stanley India wealth unit: Sources
Standard Chartered Plc is in talks to buy Morgan Stanley's Indian private wealth management unit, which manages about USD 1 billion including loans, two sources with direct knowledge of the situation said on Wednesday.
Like this story, share it with millions of investors on M3
StanChart may buy Morgan Stanley India wealth unit: Sources
Standard Chartered Plc is in talks to buy Morgan Stanley's Indian private wealth management unit, which manages about USD 1 billion including loans, two sources with direct knowledge of the situation said on Wednesday.
A couple of Indian financial services companies have also shown interest in buying the wealth management business, and a formal bidding process is expected to start soon, one of the sources told Reuters. The source did not name the companies.
Both the sources declined to be named as they are not authorised to speak to the media.
Asia-focused Standard Chartered , which is also listed in India, and Morgan Stanley declined to comment, when contacted by Reuters.
Morgan Stanley launched the sale of its Indian private wealth management unit in November last year, after entering the highly fragmented and competitive market about four years ago.
The sale of the unit underscores a growing trend of consolidation in Asia's wealth management industry as private banks struggle to earn profits in the face of rising regulatory costs and wafer-thin advisory fees.
highlights
- Economic slowdown a wake-up call for stepping up reforms
- Future shift in RBI policy stance would be desirable.
- Tight RBI policy led to sharper-than-expected slowdown
- April-December data shows 5.3% fiscal gap aim 'achievable'.
flashes
- Economic Survey in favour of widening tax base and prioritising expenditure
- WPI inflation may decline to 6.2-6.6% in March
- Indian economy likely to grow at 6.1-6.7% in FY14
- FY13 GDP growth seen at 5%
InterpretationS
- Railway minister has done a commendable job in meeting competing demands of improving services and controlling expenditure: PM
- It is a reformist and forward- looking Budget: PM
- If you look at the overall Budget, it was relatively muted and there was nothing exciting and no steps were taken, which would make the market happy: ICICI Direct
- There is no major capex from the civil construction on the freight corridor, though some investments are coming on the metro side: KEC International
SECTOR IMPACT
Select Sector to see impact
- Cement - Major
- Infrastructure - General
- Mining/Minerals
- Power - Generation/Distribution
EXPECTATIONS
expectation on: Markets
Anup Bagchi
MD & CEO | ICICI Securities
expectation on: Markets
Arindam Ghosh
MD & CEO | Blackridge Capital
expectation on: People
Saurabh Mukherjea
Head of Equities | Ambit Capital
expectation on: Markets
Ridham Desai
MD and Head Of India Research | Morgan Stanley
expectation on: Markets
Ashok Wadhwa
Group CEO | Ambit Holdings
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