Business Daily from THE HINDU group of publications
Wednesday, Jun 27, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Jun 27, 2007 ePaper |
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Money & Banking
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Credit Market StanChart plans lending $100 m for micro-finance Our Bureau
Mumbai June 26 Standard Chartered Bank plans to lend $100 million for micro-finance in India by the end of 2008. "We have currently committed around $40 million in India which we hope to increase to $100 million by the end of 2008. We would like to cover one million people," said Mr Ranjan Ghosh. Head, Financial Institutions, South Asia, Standard Chartered Bank. Although the bank has committed $40 million, the current outstanding portfolio stands at $15 million. Standard Chartered Bank , which kick started its micro-finance initiative in early 2006, has tie ups with 15 micro-finance institutions. This is likely to go up to 25-30 by 2008, Mr Ghosh said. It is working with NGOs to help them convert themselves into non-banking finance companies. The bank plans to move beyond the South and expand its reach in northern and eastern regions.
MTN programme
Globally, the bank plans to securitise its micro-finance portfolio and issue a Medium Term Note Programme (MTN) to raise $180-190 million. The funds raised from this MTN programme will be used for micro-finance initiatives in over 10 countries in Asia and Africa. Multilateral bodies and global development organisations are likely to subscribe to the issue, Mr Ghosh said. Around 10-15 per cent of the funds raised from the MTN programme will be invested in India. The deal is likely to closed in July, Mr Ghosh said.
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