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Standard Chartered- The Largest Foreign Bank in India
By Neil Farman on September 20th, 2007
According to the data released by the Reserve Bank of India, Standard Chartered bank is the largest foreign bank in India in terms of branches with a total of eighty one branches, as against American Express Bank’s seven branches as of September 2006 out of total 258 branches of 29 foreign banks. Since then standard chartered bank has got approval for two more branches in India, probably the next month said by a bank spokesperson. On this deal CEO of Standard Chartered Peter Sands said The acquisition will add capability and scale to two of the group’s strategically important businesses. AEB’s balance sheet is highly liquid and its income is predominantly fee-based. This is a transaction which has compelling strategic and financial logic and is management accretive.”
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