Standard Chartered Bank set to buy Barclays' retail assets

MUMBAI: Standard Chartered Bank is set to acquire retail assets of Barclays Bank in India and an announcement is expected soon, bankers familiar with the development said.

The London-based, Asia-focussed bank is likely to pay a small premium, about 5%, of Barclay's total book size that is around Rs 3,000 crore, they said. The assets have also been evaluated by select private sector banks.

"The bank (Barclays) has put on block its mortgage, loan against property, personal loan and commercial banking assets of around Rs 3,000 crore," said a senior banker in the know of the development. "Barclays is exiting the retail banking operations. Standard Chartered has offered to pay at least 5% premium on the book size. The deal could go through," the banker said on condition of anonymity.

An email sent to Standard Chartered remained unanswered. Barclays refused to comment. Standard Chartered purchased the credit card business of Barclays in December 2011 and is planning to add the retail assets also to its portfolio.