StanCharts thrust on NRI, retail segments

New Delhi: Standard Chartered Bank is planning to focus on its recently launched business financial services (BFS), non-resident business and expansion to 15 other cities for growth in the next three years. StanChart Bank regional head (consumer banking) Vishu Ramachandran says by 2005, these new areas would account for 15-20 per cent of the banks total revenues. Currently these businesses contribute a minuscule amount to the total revenues. The non-resident business, for instance, contributes to less than 3 per cent of the revenues.

BFS, meant for small businesses, provides cash management, investment options and working capital requirements. On retail expansion, the bank is planning to increase its presence in 10-to-15 cities across India. They include Chandigarh, Lucknow, Jalandhar and Bhopal. After the merger between StanChart and ANZ Grindlays, the bank has been in the process of rationalising its branches. About 10 branches have so far been merged, relocated or closed down.