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)
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