Singapore: Asia-focused Standard Chartered plc is in final talks with Securities Trading Corp of India to buy a 49 per cent stake in UTI Securities to complement its private banking business, an executive said.
"The UTI transaction is in final due diligence," Peter Flavel, global head of Standard Chartered's private banking business, said on Monday on the sidelines of an event.
Flavel said the London-based emerging markets bank was looking for an option to eventually increase its stake in the Indian securities broker to 70 per cent.
The Financial Times reported on Monday that the Rs 1.4 billion (USD 35 million) purchase marked Standard Chartered's return to retail stock broking in Asia for the first time in more than a decade.
Citing people familiar with the deal, the FT said the purchase was expected to be sealed within the next few months.
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