Standard Chartered Bank, which has received several bids for its mutual fund business, is now expecting higher valuation for it. The bank is in the process of evaluating them, said Neeraj Swaroop, regional chief executive for India and South Asia, on Wednesday.
The foreign bank has been on the lookout for fund operations, after a proposed $118 million deal with UBS crashed in December, owing to a delay in the approval of the deal by regulators.
While the deal is expected to close soon, Swaroop did not give a time frame for it. However, he said that he is expecting a higher valuation for the business.
?The mix is different. Assets under management have grown. The market value is different,? he said.
Meanwhile, the foreign entity is also looking at raising its holding in broking firm, UTI Securities, to 74% by May 2008. The bank had acquired a 49% stake in UTI Securities last year.
?We will be investing $50million in this venture by 2010, when we may also look at raising our holding to 100%,? Swaroop said.