Stanchart Plans To Set Up 40 New Branches This Year

Standard Chartered Bank is looking at increasing its presence in India ahead of the banking sector review in 2009. The bank is seeking to open 40 branches in the country during the current financial year. This number is significantly high, considering that the bank opened a mere 3 branches in the last two years. The bank has 83 branches and 231 ATMs across the country. The bank recently pumped $250 million into its Indian operations and this constitutes three-quarters of its profits in Asia. The bank registered a profit growth of 71 per cent to $690 million from its Indian operations in 2007, primarily on account of its wholesale banking business