Standard Chartered India
From Wikipedia, the free encyclopedia
.jpg) Standard Chartered Bank Building in Mumbai. | |
| Company type | Branch[1] |
|---|---|
| Industry | Bank, Financial services |
| Predecessor | Chartered Bank of India, Australia and China |
| Founded | 1853; 172 years ago (1853), incorporated in London |
| Headquarters | Bandra Kurla Complex, Bandra East, Mumbai, 400051 , India |
Key people | Prabdev Singh (CEO) |
| Products | |
 ₹21,648 crore (US$2.6 billion) (2023)[1] | |
| Total assets | ₹237,130 crore (US$28 billion) (2023)[1] |
| Parent | Standard Chartered |
| Website | www |
Standard Chartered India (officially Standard Chartered Bank India Branches) is a foreign branch of Standard Chartered, incorporated in the United Kingdom with limited liability.[1] It is considered as a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve Bank of India (RBI). The bank has been operating in India for over 160 years, first as the Chartered Bank of India, Australia and China which set up its first branches in Kolkata and Mumbai in 1858. It is also the largest foreign bank in India, with 100 branches across 42 cities.[2][3]
The predecessor of Standard Chartered India is The Chartered Bank of India, Australia and China which is a bank incorporated in London in 1853 by James Wilson following the grant of a Royal charter from Queen Victoria.[4]
The bank expanded rapidly by capitalising the lucrative trade between Europe and Far East. It also financed regional projects such as the Indo-European telegraph line from London to Calcutta.[5] In the early 20th century, the bank continued to tap on Asian business such as cotton from Bombay, indigo and tea from Calcutta and rice from Burma.[6]
In 1969, Chartered Bank merged with the South African bank Standard Bank, forming Standard Chartered Bank. After the merger, the Indian branch of the bank continued to handle the local business.[7]
In 2015, the bank announced its intention to be incorporated locally and become a wholly owned subsidiary (WOS).[8] However, this plan has never been materialised and Standard Chartered India remained its status as a branch of foreign bank.
In 2024, the bank sold its 41 billion rupees personal loan portfolio to Kotak Mahindra Bank, as part of its plan to refresh strategy to target at higher end business.[9] It is also announced that Zarin Daruwala, the bank's long-serving CEO since 2016, would retire in March 2025.[10]
References
- 1 2 3 4 "2023/2024 INDEPENDENT AUDITOR'S REPORT To The Country Management Team Standard Chartered Bank–India Branches" (PDF). Standard Chartered India. Retrieved 3 November 2024.
- ↑ Simhan, T. E. Raja (22 November 2023). "StanChart GBS to move all of its 16,000 employees in Chennai to a new integrated campus by 2025". BusinessLine. Retrieved 3 November 2024.
- ↑ "Standard Chartered appoints Aditya Mandloi as Head of Wealth and Retail Banking for India and South Asia". The Economic Times. 14 August 2024. Retrieved 5 November 2024.
- ↑ Campbell-Smith, Duncan (2021). Crossing continents: a history of Standard Chartered Bank. London: Allen Lane. ISBN 0241458730. Retrieved 3 November 2024.
- ↑ Indo-European Telegraph line and impact of rapid industrialisation Archived 16 March 2013 at the Wayback Machine. Siemens.com. Retrieved on 26 December 2018.
- ↑ Misra, A.-M. (2000). "'Business Culture' and Entrepreneurship in British India, 1860-1950". Modern Asian Studies. 34 (2): 333–348. ISSN 0026-749X. Retrieved 3 November 2024.
- ↑ "Standard Chartered: a short history". The Guardian. Press Association. 7 August 2012. Retrieved 3 November 2024.
- ↑ "StanC to set up subsidiary in India". The Times of India. 6 October 2015. Retrieved 3 November 2024.
- ↑ "StanChart Refreshes India Strategy to Target Wealthy". Bloomberg.com. 22 October 2024. Retrieved 3 November 2024.
- ↑ Rebello, Joel (9 October 2024). "Zarin Daruwala to retire from Standard Chartered India". The Economic Times. Retrieved 3 November 2024.
Further reading
- Duncan Campbell-Smith (2021). Crossing Continents: A History of Standard Chartered Bank.
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