Standard Chartered Bank on Wednesday said it expects to complete the sale of its Indian mutual fund business soon, though it declined to put a date to the deal.
"We have seen a lot of interest from buyers and we are in discussions with them... we expect to complete the deal soon," India Chief Executive, Standard Chartered, Neeraj Swaroop told reporters in Mumbai.
Last month, the foreign banking major had abandoned a deal worth over Rs 460 crore (Rs 4.6 billion) with UBS AG as the latter failed to receive regulatory approval from the Reserve Bank of India before the sale purchase agreement expired.
Standard Chartered had announced that as the contract with UBS had expired, it would look for new buyers for its asset management company.
Swaroop, however, dispelled rumours that Standard Chartered was in discussions with RBI to see the deal through. "We will follow all RBI regulations for the deal," he said.