StanChart in talks to buy Morgan Stanley India wealth unit - sources
February 28, 2013 2:00 AM EST
Standard Chartered Plc
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
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.
(Reporting by Sumeet Chatterjee; Editing by Mark Potter)
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- Gennady Golovkin Next Fight Options: Canelo Alvarez, Miguel Cotto Or Julio Cesar Chavez Jr.
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- ASUS Releases A Teaser Indicating The Arrival of New Zenfone and ZenWatch On October 28
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- Three Dual SIM Samsung Galaxy Note 4 Duos Variants Comes To China
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories