Infrastructure Development Finance Corporation (IDFC) has outbid other bidders such as Shinsei Bank, Indiabulls to emerge as winner in race to acquire Standard Chartered Mutual Fund for $205 million.
Earlier, RBI had disallowed Swiss Bank UBS to acquire Stanchart AMC. UBS at that time was paying $120 mn for the deal. Now with a local player acquiring the MF biz, getting regulatory approval would be much easier.
Standard Chartered MF has around Rs.14000 crore in assets of which Rs.4000 crore is in equity while rest is in debt.
IDFC is one of India’s oldest lending institutions, and the deal would give it a foothold int the retail sector and improve its high margin fee based income.
Standard Chartered will continue to distribute mutual fund products but will not manage funds and would only focus on consumer and commercial banking.
Find this article at: http://www.labnol.org/india/corporate/idfc-buys-standard-chartered-mutual-fund-to-become-third-largest-amc/2520/
Tags: bank, indiabulls, mutual fund, takeover, Corporate, India
Reader Comments
No doubt IDFC is next HDFC in making, With zero debts, entering into broking space after buying stake in SSKI and now buying Stan Chart. IDFC is the next zing thing in Finance Space.
Written by Ganesh Shenoy on 03.12.08
Dear Adviser,
I have a couple of queries related to non-receipt of
of dividend to my account by Standard Chartered Mutual Fund.
I understand that the fund has been recently taken over by IDFC.
Would you be good enough to guide me as to whom I should contact (e mail or phone or address) so that I can represent the matter to them. I shall be grateful for your
assistance.
Regards,
Mrs. Marjorie Walder
Standard Chartered Mutual Fund investor
Written by harold walder on 03.18.09