Standard Chartered's headache ?

When India’s billionaire Ruia brothers went looking for loans to expand their steel-to-power empire around the turn of the decade, Standard Chartered stepped up.

Bloomberg News reports that some five years later, the $2.5bn Standard Chartered lent to the Ruias’ Essar conglomerate is among debts the bank isn’t certain it’ll recover, according to people with knowledge of the matter.

About $5bn of advances Standard Chartered made to Indian borrowers have been internally classified as at risk of defaulting, in addition to the $1bn of onshore loans that have already become non-performing in India, the people said.

India, Standard Chartered’s biggest profit contributor as recently as 2010, has become a major headache for CEO Bill Winters, who took over from Peter Sands in June. 

To access the complete Bloomberg News article hit the link below:

Standard Chartered's Unraveling India Bet Means More Pain Ahead

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