Banking group Standard Chartered is reportedly in talks with Morgan Stanley to buy its Indian wealth management unit, which has $800m under management.
The talks are in the final stages and the bank could initially pay $8m for the business followed by an undisclosed amount, said Livemint, citing management sources.
The wealth management unit accounts for less than five per cent of Morgan’s revenues in India.
The sale is part of Morgan Stanley’s operational review, said the sources.
Last month Standard Chartered’s private equity unit bagged a return of three times from the sale of its stake in Indian rice processing company Bush Foods to Qatar-based strategic buyer Hassad.
Earlier this year it was reported that Standard Chartered-backed business Ramky Enviro Engineers was planning to raise $200m through an IPO.
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