Standard Chartered in talks to acquire a stake in UTI Securities

As per incoming reports, Standard Chartered plc is currently in talks with the Indian brokerage UTI Securities.

Standard Chartered is planning to acquire a 49 percent stake in the Indian company as they aim to enhance their presence in this market.

Peter Flavel, Standard Chartered’s global head of private banking was quoted as saying to media personals: “The UTI transaction is in final due diligence.”

With this, Standard Chartered would join other international companies including Citigroup and Merill Lynch to invest in the growing Indian brokerage sector.

Flavel added that their longer term aim is to boost the stake in the company to 70 percent. UTI is owned by the Securities Trading Corp. of India and has around 170 branches across the country.

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