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 Chennai:
Standard Chartered Bank is planning to enter the consumer
finance business in a big way, said Jaspal S Bindra, general
manager-South Asia.
Addressing a press conference in Chennai on Wednesday, Bindra
said, “we will be entering into the consumer finance business
through our NBFC. We will set up 10 outlets across the
country to tap this business in the current year.”
“We are also actively considering to enter into micro
finance, agriculture finance and asset reconstruction
business,” he added.
The bank is also planning to expand its south Asian
operations. “There is a growing inter-dependence in the south
Asian countries. As the largest foreign bank in the region we
will facilitate intra-trade much more actively among the
south Asian countries in the coming years.”
Earlier, as part of its tsunami rehabilitation programme,
Bindra has presented a cheque of Rs 30 lakh to the
representative of Rotary Club of Madras Central towards the
construction of a school building in Nagapattinam for
children orphaned by the tsunami disaster.
The project covers 7,500 sq ft with seven classrooms, two
vocational training rooms etc.
Chennai, August 10: Standard Chartered Bank today said that
its non-banking finance subsidiary, Standard Chartered
Investments and Loans (India) Ltd, which was set up last
year, would focus on consumer financing and set up 10 outlets
this year.
"We are looking at a couple of new business areas which will
fit for NBFC. The first focus area is consumer financing. and
we are also considering another area of focus for our NBFC,"
General Manager - South Asia, Standard Chartered Bank, Jaspal
Bindra told a press conference here.
The bank was considering agricultural finance, micro credit
or asset reconstruction as a second focus area for NBFC
business.
The NBFC arm was also planning to open 10 outlets during this
year, he added.
The NBFC subsidiary is expected to supplement the bank's
business and its new businesses are to be operated under this
arm.
Out of Standard Chartered Bank in India's total revenue,
consumer banking was accounting for about 55 per cent of the
revenue and the remaining 45 per cent was contributed by
wholesale banking. However, the equation is reverse for its
profit.
Asked about how the formation of new south Asia region helped
the bank, Bindra said that the grouping of countries into one
new region was done because of the geographic proximity of
the markets and the increasing interdependence of businesses
among the countries.
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