Standard Chartered Expands Operations in India
Standard Chartered is to buy the Indian branch operations of Sumitomo Mitsui Banking Corporation located in Mumbai and New Delhi, subject to regulatory approvals. The two banks have submitted the necessary application to the Reserve Bank of India. Standard Chartered Bank and SMBC will also be entering into a strategic relationship to support and enhance business growth in the Japanese customer-related banking business in India. This alliance includes the establishment of a Japan Desk by Standard Chartered Bank in India. SMBC will second Japanese experts to the Japan Desk to assist the business with Japanese customers in the country.