Stanc not to add branches in India, and to consolidate it to be large format: CEO

Mumbai, September 25 (PTI) Standard Chartered, the largest foreign bank by physical footprint in India, will not currently add new branches above 100 outlets and do not look at his footprint, a top official said on Thursday. PD Singh, its CEO for India and South Asia, said the lender also wants dollar clearance operations at Gift City from October 7. Singh told reporters that the lender, who works in the branch model rather than a wholly owned subsidiary, sees no difference of a regulatory perspective in one of the two ways. Singh, who points to the benefits of digital technologies, said: “We do not have to add new branches to that extent because branches are points of service.” Answer a specific question whether he sees a rationalization of branches, as done by many of the foreign bankmen, he said: “I think we consolidate our footprint to have large format branches and meet the customers’ requirements in certain bags.” He added that the same was done in Kolkata, where the bank opened its largest branch in the eastern region, and also in Chennai. Singh did not want to answer a specific question about the number of branches it will have in the medium term. The bank intends to take the number of priority banks centers from the current seven to 21 to 21, he said. The bank strives to serve various products and services to the same customer, and is focused on the ‘global Indian’ segment, which has a few ties with abroad. It is currently setting up, digitizing and bringing international capabilities, he said, adding that the ministry of the wealth management opportunity is also an important focus area and will also rent people with impeccable values. The bank, who employs 24,000 people in Chennai and Bengaluru to support its global operations, is still growing its global capabilities, given the Indian talent, he said. Singh said the bank was looking at international headlines for an impact on the GCCS, he said, adding that even if these developments played out, up to seven GCCs were added to the bank each month. Singh said the bank, which has more than 8 percent market share in the Forex settlements, is a witness to a pick up in rupee billing and sees a greater acceptance of trade settlements in the Middle East in the local currency that continues. When asked specifically if it served approved entities, Singh replied in the negative, but added that it did bank oil companies without dealing with the problematic flow. Meanwhile, Singh said the bank is a 10 percent loan growth in the corporate segment in FY26, but does not share the current book size. He said the bank saw opportunities on the projects and infrastructure side, where it funded local businesses and multinational businesses. It has financed six subway projects, a 5G ecosystem in the telecommunications sector, and, among others, EV -bus operators serving cities, he said. There is no capital restriction for the bank to expand his book, he said, adding that no infusion is planned for the next five years, if things go according to plan. From a debt capital markets point of view, Singh said it has up to four transactions in the pipeline, which can be completed this year. The US rates will affect GDP growth by up to 0.7 percent, but aspects such as the GST, income tax cuts and the launch of the payment commission can not only limit the impact, but also reversal, he said. Singh said countries and even domestic players limit the impact of tariffs, Singh said. Private Capex will pick up as soon as businesses find consumption growth sustainable, he pointed out.