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MUMBAI, SEP 2: The Standard Chartered Group has appointed Jaspal Bindra as regional general manager, India and also as the Chief Executive Officer of its new entity, the Standard Chartered Grindlays Bank. It also announced the appointment of Harpal Duggal, head of consumer banking division of Standard Chartered Bank, India as general manager and Chief Executive Officer of the bank, the group said in a release here today.
Other appointments in senior positions would be announced shortly, the release added. These appointments are in line with StanChart’s acquisition of ANZ Grindlays Bank Ltd, which was completed on July 31 after the Reserve Bank of India granted its in-principle approval for the change of name to Standard Chartered Grindlays Bank, it said, adding till then both banks would operate as separate legal entities for some time.
Bindra, who had joined StanChart as head of corporate and institutional banking, said building the two banking businesses “is an exciting challenge and our combined strengths in treasury, corporate, and institutional and corporate banking will create a client focussed powerhouse.”
Dugal said “we aim to strengthen and significantly enhance our leadership position in consumer banking in India.” Currently, StanChart has 19 branches in nine cities and Grindlays 39 branches in 15 cities in the country, the release said.
StanChart buys Chase Manhattan: Standard Chartered Plc has plannedto acquire the entire issued share capital of Chase Manhattan Card Company Ltd and Chase’s Hong Kong-based retail banking business for around $ 1.32 billion even as it sold Chartered Trust, the group’s UK and Channel Islands consumer finance, for 627 million pounds in cash (over USD 900 million).
The total consideration for the acquisition, which includes goodwill of $ 1.02 billion, would be paid in cash, StanChart said in a release here today, adding that the acquisition would be funded from cash raised by the sale of Chartered Trust and by way of placing on new ordinary shares.
It sold Chartered Trust to Lloyds UDT, a subsidiary of Lloyds TSB Group, the release said. Stanchart intends to raise approximately 450 million pounds (over $ 650 million), net of expenses, by way of placing for cash of 50 million new ordinary shares at a price of 9.15 pounds per new ordinary share representing about 4.7 per cent of its current issued share capital.
However, the placing was not conditional upon completion of acquisition of Chase’s Hong Kong consumer banking operations, it added.
Rana Talwar, Group Chief executive, StanChart, in a release said “this is another step forward in our strategy to become the world’s leading emerging markets’ bank.”
It would also provide opportunity for cross-selling between the two card bases and in marketing personal loans, where Chase has pioneered new products and distribution channels, he added.
