Asia-focused bank Standard Chartered plc is in final talks to buy a 49 percent stake in Indian brokerage UTI Securities, the latest bank to buy into the country's brokerage sector.
The deal would help Standard Chartered expand its services for wealthy customers in India, a fast-growing private banking market, by offering stock brokerage.
"The UTI transaction is in final due diligence," Peter Flavel, Standard Chartered's global head of private banking, said in Singapore, confirming earlier press reports.
Standard Chartered is joining a clutch of foreign players, including Citigroup Paribas that have invested in India's fast-growing brokerage sector.
UTI, which is owned by the Securities Trading Corp. of India, has 170 branches across the country, according to press reports.
Read more in The Economic Times article.
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