Standard Chartered takes full control of Indian broker

18th Oct 2010 08:06

Emerging markets focused bank Standard Chartered has bought out its minority partner in its Indian brokerage business.Standard Chartered has acquired the 25.1% stake in Standard Chartered-STCI Capital Markets held by Securities Trading Corporation of India (STCI).The company will be rebranded in the coming months to reflect the new ownership, subject to necessary regulatory approvals.Standard Chartered-STCI Capital Markets currently offers retail and institutional broking, wealth management products and investment banking services. It services over 150,000 retail customers from 112 locations across India. The company has recently been on a recruitment drive, making many senior appointments prior to a planned ramp up of its capabilities in institutional equity research, sales and equity capital market.