StanChart in talks to acquire Morgan's India wealth biz

Standard Chartered Bank, the Asia-focussed UK Bank, is negotiating to acquire the wealth management business of Morgan Stanley, which is exiting many businesses and reducing head count to improve profitability.

"Standard Chartered is the frontrunner to acquire the business," said a person familiar with the matter. "Many players have reviewed the business, but there is no certainty the deal will go through. The talks are still on," the source added.

A StanChart spokesperson declined to comment.

Morgan Stanley, faced with increasing regulations and the need for more capital, has been axing jobs and exiting business. Morgan Stanley India surrendered its bank licence and had laid off 13 employees from its securities business, which includes debt market and investment banking.

Morgan employs more than 400 people in various businesses.


Source: EconomicTimes