Standard Chartered Eyes Consolidation Over Expansion in India
Standard Chartered focuses on consolidating its presence in India, aiming to maintain its branch count at 100. Chief executive PD Singh discusses plans for launching dollar clearing operations and expanding priority banking centers. The bank targets growth in corporate loans and infrastructure financing, emphasizing digital innovation and international capabilities.
- Country:
- India
Standard Chartered, India's largest foreign bank by physical footprint, is opting for consolidation rather than expansion, choosing to maintain its presence at 100 branches, according to a senior official.
PD Singh, the bank's chief executive for India and South Asia, revealed ambitions to begin dollar clearing operations in GIFT City on October 7, as part of its broader strategy. With a focus on utilizing digital technologies, Singh stated that expansion through branches is unnecessary, as they serve as points for service delivery.
Looking ahead, the bank plans to expand its priority banking centers from seven to 21 locations this year, catering to the 'Global Indian' segment. Despite witnessing a market share of over 8% in forex settlements, Singh asserted a conservative stance regarding sanctioned entities. The bank is also targeting a 10% growth in corporate loans by FY26, with significant investments in metro projects and the telecom sector.
(With inputs from agencies.)
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