UK-based bank Standard Chartered Plc has agreed to buy Morgan Stanleys wealth management assets in India for an unspecified amount. The sale is expected to be completed by the years end,Morgan Stanley said,without disclosing terms of the deal. The unit accounted for less than 5 per cent of its India revenue in 2012,it said. The acquisition complements our existing private banking onshore business and will significantly increase our private banking assets here, said a statement by StanChart India. Though the bank did not divulge the deal size,it is understood that Morgan Stanley India handles around $800 million of assets under its management,which is only around 5 per cent of its balance sheet in the country,and it employs around 400 people. Standard Chartered India re-entered the banking business in 2006 after a decade,and currently private banking constitutes around 30 per cent of its business here. Morgan Stanley entered the private banking area in the country four years ago. The unit is headed by executive director Himanshu Bhagat,while StanCharts private banking is headed by Sandeep Das. Morgan Stanley said it is reviewing operations in India to focus on businesses including investment banking,asset management and institutional securities.
