Standard Chartered Bank on Tuesday said it was still in “advanced stage” of talks with Securities Trading Corporation of India (STCI) to buy a stake in its broking arm UTI Securities.
“We remain interested in it (UTI Securities) and continue to talk,” Standard Chartered Bank India CEO Neeraj Swaroop told reporters here.
The foreign bank can pick up about 49 per cent stake in the company as UTI Securities is not allowed to sell more than 50 per cent, he added.
The deal will help the bank to enter the retail stock broking market as UTI Securities offers institutional broking, retail broking and online broking.
In February 2006, STCI had bought 100 per cent stake in UTI Securities for Rs 265 crore from the Specified Undertaking of UTI.
The foreign bank is also close to finalising four possible partners for its asset reconstruction company.
“We are looking for four partners for the company and we would soon approach the Reserve Bank for approval,” Swaroop said.
Sources said Central Bank of India, J&K Bank and UCO Bank were the three likely partners in the asset reconstruction company. However, Swaroop declined to share details of the possible partners.
Source: Economic Times