Bloomberg reports that the sale is expected to be completed by the year’s end, New York-based Morgan Stanley said in an e-mailed statement Monday, without disclosing terms of the deal. The unit accounted for less than 5 percent of its India revenue in 2012, it said.
The transaction will significantly increase Standard Chartered’s private banking assets in the country, the U.K. bank said in a separate e-mailed statement. Morgan Stanley said it’s reviewing operations in India to focus on businesses including investment banking, asset management and institutional securities.
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