StanChart sees $325 mn revenue in 2006
It is targeting a revenue of one billion dollar from wholesale banking each year by 2010 from Indian operations.
By PTI |
NEW DELHI: London-based Standard Chartered Bank expects a revenue of USD 325 million during this calender year from wholesale banking business in India and said it aims to become the second largest player in this segment by 2008.
It is targeting a revenue of one billion dollar from wholesale banking each year by 2010 from Indian operations.
"The annual revenue (wholesale banking) could be probably in the region of USD 325 million in 2006 and expect the year-on-year growth (CAGR) to be 25-30 per cent for the next 3-5 years," StanChart country head (wholesale banking) Bala Swaminathan said here.
StanChart, which is weighing options including exiting its asset management business, had earned a revenue of USD 240 million from India in 2005.
Standard Chartered Bank is the third biggest player in wholesale banking after country's top lenders, the State Bank of India and ICICI Bank.
"We expect the bank's revenue form wholesale banking to touch one billion dollar a year by 2010-2011," Swaminathan said, adding it is likely to emerge as the second largest player in this segment by 2008.
The bank is the number one in executing cross-border merger and acquisition transactions and has brought about 2 billion dollar FDI into the country in the last 18-24 months, StanChart Global CEO (wholesale bank) Michael Rees said.
Under wholesale banking, StanChart offers whole range of financial services like cash management, M&A transactions, forex management and loan syndication to corporates.
The bank has about 400 staff in wholesale banking platform in India, which it sees growing by 15-20 per cent year-on-year.
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