StanChart sets up a 100 per cent subsidiary
11 Mar 2004
"We have set up the NBFC since that will increase our liquidity, we plan to raise commercial papers, non-convertible debentures and inter-corporate deposits in the local debt market," said Mr Chris Low, CEO, India Region, Standard Chartered Bank, at a press conference held here. The foreign bank has chosen this route to access the domestic capital markets.
SCILL will start with an equity capital of $7.5 million, which will be scaled up to $50 million over 18 months. The company hopes to build up a Rs 1,100-crore balance sheet in a year's time by disbursing funds to top corporates in India.
The NBFC's corporate clientele would be similar to that of the bank's client list, said Mr M.A. Ravikumar, Regional Head, Global Markets, Standard Chartered Bank.
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