MUMBAI Feb 27 Standard Chartered Plc
is in talks to buy Morgan Stanley's Indian private wealth
management unit, which manages about $1 billion including loans,
two sources with direct knowledge of the situation said on
A couple of Indian financial services companies have also
shown interest in buying the wealth management business, and a
formal bidding process is expected to start soon, one of the
sources told Reuters. The source did not name the companies.
Both the sources declined to be named as they are not
authorised to speak to the media.
Asia-focused Standard Chartered, which is also
listed in India, and Morgan Stanley declined to comment, when
contacted by Reuters.
Morgan Stanley launched the sale of its Indian private
wealth management unit in November last year, after entering the
highly fragmented and competitive market about four years ago.
The sale of the unit underscores a growing trend of
consolidation in Asia's wealth management industry as private
banks struggle to earn profits in the face of rising regulatory
costs and wafer-thin advisory fees.