Mumbai, Dec 11 (UNI) Private bank Standard Chartered Bank has received the Reserve Bank of India's approval to acquire a 49 per cent stake in UTI Securities Ltd.
Standard Chartered Bank (South Asia) Strategic Initiatives regional head P R Somasundaram will be the managing director of the brokerage.
Standard Chartered has the option to acquire another 25 per cent in 2008, and the final 26 per cent in 2010, subject to regulatory approvals.
It will re-name the company to reflect the shareholding. Both partners will agree on the re-branding to position the product offerings to the relevant customer segments.
UTI Securities a full-fledged financial intermediary has a presence in 60 major Indian cities.