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Mr Jaspal Singh Bindra

K.R.Srivats

New Delhi, April 8 Standard Chartered Bank is exploring “listing” on the Indian stock exchanges even as it maintained that capital was not a constraint for funding its growth in the Indian market.

“We are keen to list in India. Listing is being certainly explored. This is very much on our radar. No decision has yet been taken nor any timeframe set. It would be done at an opportune time. We don’t want to list in this depressing time,” Mr Jaspal Singh Bindra, Chief Executive Officer, Asia-Pacific, Standard Chartered Bank, told Business Line here.

Mr Bindra also said that the current difficult economic environment provided an opportune time for Standard Chartered Bank to increase market share in India. He pointed out that many large players were afflicted by the global financial meltdown and not able to take advantage of the opportunities here.

“There is huge headroom to grow here. There is going to be volume reduction for us in 2009-10. The slowdown is not a structural problem, it’s a cyclical one,” Mr Bindra said.

Currently, Standard Chartered Plc is listed in London and Hong Kong stock exchanges. Standard Chartered Bank is the largest international bank in India with 90 branches in 33 cities.

A joint Reserve Bank of India-Finance Ministry panel had recently proposed that foreign banks, which are allowed to set up branches or operate wholly-owned subsidiaries, should list their local arms.

Currently, foreign banks are permitted to establish their presence by setting up branches, setting up a wholly-owned subsidiary (WOS) or convert existing branches into WOS.

The Committee on Financial Sector Assessment, headed by the RBI Deputy Governor, Dr Rakesh Mohan, had suggested that foreign banks should list their subsidiaries, capping ownership at 74 per cent. The committee had said that the suggestion should be considered while reviewing the roadmap for entry of foreign banks.

The RBI is expected to review from this month the rules for overseas banks operating in India.

More Stories on : Foreign Banks

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