Standard Chartered Plc is in final talks to buy Morgan Stanley’s wealth management unit in India, which manages about US$1 billion including loans.
According to Bloomberg, Standard Chartered will initially pay US$8 million for the unit and added that the London-based bank will pay an undisclosed sum later.
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Morgan Stanley is selling the business after conducting a review of its operations. The unit employs more than 400 employees in India and accounts for less than 5% of its Indian revenue.
Morgan Stanley launched the sale of its Indian private wealth management unit in November 2012, after entering the highly fragmented and competitive market about four years ago.
India’s L&T Finance Holdings, a unit of construction and engineering group Larsen & Toubro, was in talks to buy Morgan Stanley’s Indian wealth management business, the local media had reported last month.
The sale of the unit underscores a growing trend of consolidation in Asia’s wealth management industry as private banks struggle to earn profits in the face of rising regulatory costs and wafer-thin advisory fees.
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