Standard Chartered, the London-based lending giant that earns a major chunk of its profits from emerging markets, will increase shares-advisory business in India next year, reported Bloomberg citing Neeraj Swaroop, CEO of South Asia.
It has been reported that more than 30 Indian companies are awaiting approval from the regulator for selling new shares after raising almost $3.11 billion in 2009. Against this back drop, the additional service is expected to allow the UK-based banking giant to increase its market share, where share sales have soared to five-year high in the third quarter of 2009.
In interview with the news agency, Mr Swaroop, said: “The big piece missing in the wholesale side was equity capital market-related activity, which we are bringing in. We will, in 2010, be in the equity space because that’s one capability that we were not offering our wholesale clients.”
