23rd Aug 2007 09:01
Standard Chartered PLC23 August 2007 Standard Chartered to acquire a 49 per cent stake in UTI Securities Limited Standard Chartered announces that it has today entered into a strategicpartnership ("the Transaction") with Securities Trading Corporation of IndiaLimited ("STCI") to acquire a 49 per cent stake in UTI Securities Limited("UTISEL"), a leading Indian brokerage house, for approximately USD36 millioncash. As at 31 March 2007, the gross assets that are the subject of theTransaction were USD19 million and UTISEL's total gross assets were USD38million. Under the agreement, STCI and Standard Chartered have provided for necessaryoptions to raise Standard Chartered's stake in stages to 100 per cent by 2010,subject to necessary regulatory approvals. The acquisition, which is subject to certain conditions, including regulatoryapprovals, is expected to be completed by October 2007. UTISEL is an established financial services firm in India offering broking,wealth management and investment banking services with a presence spread across60 cities in India. The entry into securities broking will enable Standard Chartered to broaden itsproduct offering in Wealth Management and Private Banking within India, and thenon-resident Indian (NRI) product portfolio in its footprint countries. ENDS For further details please contact: Standard CharteredStephen Atkinson, Head of Investor RelationsTel: (44) 20 7280 [email protected] Tim Baxter, Head of External CommunicationsTel: (44) 20 7457 [email protected] Notes to Editors Standard Chartered - leading the way in Asia, Africa and the Middle East Standard Chartered PLC is listed on both the London Stock Exchange and the HongKong Stock Exchange and is consistently ranked in the top 25 among FTSE-100companies by market capitalisation. Standard Chartered has a history of over 150 years in banking and operates inmany of the world's fastest-growing markets with an extensive global network ofover 1,400 branches (including subsidiaries, associates and joint ventures) inover 50 countries in the Asia Pacific Region, South Asia, the Middle East,Africa, the United Kingdom and the Americas. As one of the world's most international banks, Standard Chartered employs over60,000 people, representing over 100 nationalities, worldwide. This diversitylies at the heart of the Bank's values and supports the Bank's growth as theworld increasingly becomes one market. With strong organic growth supported by strategic alliances and acquisitions anddriven by its strengths in the balance and diversity of its business, products,geography and people, Standard Chartered is well positioned in the emergingtrade corridors of Asia, Africa and the Middle East. Standard Chartered derives over 90 per cent of profits from Asia, Africa and theMiddle East. Serving both Consumer and Wholesale Banking customers worldwide,the Bank combines deep local knowledge with global capability to offer a widerange of innovative products and services as well as award-winning solutions. Trusted across its network for its standard of governance and corporateresponsibility, Standard Chartered takes a long term view of the consequences ofits actions to ensure that the Bank builds a sustainable business through socialinclusion, environmental protection and good governance. Standard Chartered is also committed to all its stakeholders by living itsvalues in its approach towards managing its people, exceeding expectations ofits customers, making a difference in communities and working with regulators. Securities Trading Corporation of India Securities Trading Corporation of India, the first Primary Dealer to be set upin India, is one of the leading bond houses in the country. STCI has recentlydemerged its primary dealer business into a wholly owned subsidiary, STCIPrimary Dealer Ltd. The primary dealer subsidiary's core activities compriseparticipation, underwriting, market making and trading in Government Securities.Apart from the above, the subsidiary is an active participant in the inter-bankcall money markets and Repo market and the corporate bond market. With a strongnetworth of Rs 9 Billion, STCI plans to actively participate in the Non-BankingFinancial services segment in the country. The Company has recently startedproviding portfolio management services, trading in the equities market onproprietary account and distributing Mutual Fund products. UTI Securities Limited UTI Securities, set up in 1994, has grown from an institutional brokerage houseto a full-fledged financial intermediary having nationwide presence in majorcities with branches and franchisees to service a wide range of clients. Thecompany has significant presence in institutional and retail broking, onlinetrading (www.usectrade.com), depository services, portfolio management services,equities research, merchant banking, fixed income securities, and distributionof financial products, among others. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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