Standard Chartered is set to become the first major foreign bank to set up a subsidiary in India.
The London-based bank is the only one of India’s three big foreign lenders, which include HSBC and Citigroup, to agree to regulatory changes requesting foreign banks set up subsidiary companies, according to a report in the Financial Times.
India is Standard Chartered’s third largest market, accounting for eight per cent of global operating income last year. It has operated in India since 1858 and has 100 branches there.
The bank is heavily focused on Asian markets, and new chief executive Bill Winters said in June he was planning a structural shake-up to hand more power over to the regional hubs, including Singapore, Hong Kong and India.