Global banking major Standard Chartered Plc on Thursday entered into a strategic partnership with the Securities Trading Corporation of India (STCI) to acquire the latter's 49 per cent stake in UTI Securities for Rs 147 crore.STCI owns 100 per cent of UTI Securities after acquiring it in 2006 from the Administrator of the Specified Undertaking of the Unit Trust of India.
Under the agreement, the parties have provided for necessary options to raise Standard Chartered's stake to 100 per cent in stages by 2010, subject to necessary regulatory approvals, a release issued here today said.
According to Standard Chartered CEO Neeraj Swaroop, "the partnership will enable Standard Chartered to broaden its product offering in wealth management and private banking within India and the non-resident Indian (NRI) product portfolio in our footprint countries."
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