Mumbai, Mar 7 (UNI) Standard Chartered today announced hiving off of Standard Chartered Trustee Company and Standard Chartered Asset Management Company, including minorities, to Infrastructure Development Finance Company (IDFC) for a total cash consideration of approximately USD 205 million.
The consideration is before deductions for local taxes and deal expenses, the Company said in a release here.
The companies mentioned above represent the mutual fund manufacturing business of Standard Chartered in India. The transaction did not include Standard Chartered's mutual fund distribution business which Standard Chartered would continue to pursue.
Standard Chartered CEO for Asia Jaspal Bindra said, ''IDFC is a well respected financial services company, and we are delighted to have reached an agreement with them for the sale of this business.
Standard Chartered will remain a distributor of asset management products in the country. India is a key market and delivered record results in 2007.'' IDFC CEO and MD Rajiv Lall, while commenting on the deal, said that the acquisition was in line with the Company's wider strategy of broadening its footprint in the asset management business and diversifying its fee-based revenue streams.
This transaction is subject to certain regulatory approvals and other closing conditions, and is expected to be completed by the second quarter of 2008.
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