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StanChart hints eyeing India bank

india Updated: Feb 08, 2009 20:41 IST
StanChart hints eyeing India bank

Foreign lender Standard Chartered Bank hinted that it might look at acquiring a bank in India once the sector is opened up for foreign buyers.

“I believe foreign banks which have bench strengths and commitment to the market are looking at investments in India,” said Christos Papadopoulos managing director, Standard Chartered Bank.

However, when asked whether Standard Chartered would be interested in acquiring an Indian bank once the sector was opened up, he refrained from giving a direct answer. “That I can’t comment now.”

Papadopoulos also said that big banks which were willing to make further investments in India were being told by their “new masters” to pull back the money for catering to the local needs.

“For the last three to six months, big foreign banks are pulling back their money home. Their new masters are asking them to provide to the local economy first. Hence, there are very few (banks) which are keen on acquisitions in the Indian market now,” Papadopoulos said.

“We had an excellent 2008 all over. India is a major part of that,” he said.