Morgan Stanley has signed an agreement to sell its Indian wealth management unit to Standard Chartered, however the financial terms of the deal remain undisclosed, reported Reuters.
Morgan Stanley said in a statement that the US-headquartered lender will "work closely with Standard Chartered over the coming months to ensure a smooth transfer of our wealth management clients currently serviced in India".
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Talks around the sale of Morgan Stanley’s wealth management unit to StanChart being finalised have been in the offing for months. The sale process is, now, expected to be completed by the end of 2013. Morgan Stanley had launched the sale of its Indian private wealth management unit in November 2012.
According to Bloomberg, StanChart will initially pay US$8 million for the unit and the London-based bank is expected to pay an undisclosed sum later to Morgan Stanley.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
