Standard Chartered Bank planning an asset recovery company

Standard Chartered Bank planning an asset recovery company

Standard Chartered Bank said in a statement that they have registered a 51 per cent increase in profit after tax in their Indian operations.

The profits stood at Rs 905.9 crore this year compared to Rs 601.6 crore last year. The bank seems to have gained from the buoyancy in the economy, diversification in revenue and product lines in addition to expansion to newer geographical markets and past recoveries.

Standard Chartered has further said that they plan to set up Assets Recovery Company (ARC) along with Jammu and Kashmir Bank, Central Bank of India, Union Bank and Oriental Bank of Commerce by the end of this year.

The bank has already invested as much as Rs 1,300 crore in India in the last fiscal alone. And they consider India to be their one of the top three strategic markets. South Korea and Hong Kong are the other two countries in their planning.

They have plans to expand its services to 100 cities in the next few years. In addition, they have also sought RBI approval to set up new branches in the under-banked areas.