Standard Chartered To Buy Morgan Stanley’s Indian Wealth Unit

For Sale Sign

Standard Chartered has agreed to buy Morgan Stanley’s Indian wealth management assets for an unspecified price as it seeks to capture more private banking business in the South Asian nation.

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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Standard Chartered to Buy Morgan Stanley’s Indian Wealth Unit

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