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StanChart completes Grindlays merger, assets touch Rs 290 bn

With the successful merger of ANZ Grindlays to its fold, Standard Chartered Bank's total assets have touched Rs 29,000 crore (Rs 290 billion), making it the largest foreign bank in the country.

"The Indian operations of Grindlays have merged with the Standard Chartered Bank as on August 31, 2002 and the bank is happy to announce that all aspects of this exercise have been successfully accomplished and with the formal approval from the Reserve Bank," StanChart's CEO (Indian operations) Jaspal Bindra said in a statement.

Stressing that it was in the process of strengthening the presence in the country, the bank claimed it had assets of Rs 29,000 crore (Rs 290 billion), making it the largest foreign bank.

"The significant value that the Grindlays franchise has brought to the Standard Chartered banking group was clearly reflected in annual results for 2001-02 and India is now a key market for growth within the group," Bindra said.

He said the merger would put us in a position to deliver significant benefits in terms of network, products and customer service.

The bank would open branches in Chandigarh, Ludhiana, Lucknow and Jaipur by this calendar year and plans were afoot to expand distribution in the current and other cities in the country, he said.

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