Asia-focused Standard Chartered plc is in final talks with Securities Trading Corp. of India to buy a 49 percent stake in India's UTI Securities, an executive said on Monday.
“The UTI transaction is in final due diligence,” Peter Flavel, global head of Standard Chartered's private banking business, told Reuters on the sidelines of an event.
He said the London-based emerging markets bank was looking for an option to increase its stake in the Indian securities broker to 70 percent once it secured the 49 percent stake.
Source : Reuters