StanChart finance outfit to kick off operations in Jan

 Standard Chartered Bank will commence operations of its wholly owned non-banking finance company (NBFC) in January next year.

 The bank will do everything possible to maintain its lead as the biggest foreign bank in the country, according to Jaspal Bindra, global head of corporates and institution.

 The bank has already bought in $ 7 million for the NBFC, Standard Chartered Investments and Loans Ltd.

 The NBFC will be used to raise resources and as a wholesale loan vehicle for the bank, said A Christopher M Low, chief executive officer, StanChart India.

 The authorised share capital of the NBFC is $50 million. The bank had postponed the start of the firm on the back of the Reserve Bank of India