Increasing Stake in a Company

RNS Number : 0312K

Standard Chartered PLC

12 December 2008

 



Standard Chartered PLC - Increasing stake in a Company

12 December 2008

Standard Chartered raises stake to 74.9% in Standard Chartered-STCI Capital Markets

Standard Chartered has today completed the acquisition of an additional 25.9 per cent stake in Standard Chartered - STCI Capital Markets Limited ('SC-STCI Capital Markets') (formerly UTI Securities Limited), a leading Indian brokerage house. With this acquisition Standard Chartered's total holding in the company will be 74.9 per cent. 

Regulatory approvals have been received for the additional stake and change in the controlling interest in SC-STCI Capital Markets. This move by Standard Chartered to increase its existing stake is in line with its original intent at the time it signed the contract, under which both parties had provided for the stake to be increased in stages to 100 per cent by 2010. 

Standard Chartered bought 49 per cent of UTI Securities Limited from Securities Trading Corporation of India Limited ('STCI') in January 2008 following receipt of regulatory approvals.

As at 31 March 2008, SC-STCI Capital Market's total gross assets were USD35.0 million. 

The company currently offers its services under a global brand - 'Standard Chartered Wealth Managers'. SC-STCI Capital Markets is an established financial services firm in India offering broking, wealth management and investment banking services with a presence spread across 60 cities in India.

-ENDS-

For further details please contact:

Hong Kong

Investors: Ashia Razzaq [phone]

Media: Gabriel Kwan [phone]

London

Investors: Steve Atkinson, Head of Investor Relations, [phone]

Media: Tim Baxter, Head of External Communications [phone]

Note to Editors:

Standard Chartered PLC

Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.

Standard Chartered aspires to be the best international bank for its customers across its markets. The Bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has around 1,750 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.

Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs 75,000 people, nearly half of whom are women. The Group's employees are of 115 nationalities, of which 60 are represented among senior management.

For more information, please visit: www.standardchartered.com 

 

END

 

 

MSCGUGUWPUPRGUP