Asia-focused British lender and the oldest foreign bank in the country, Standard Chartered Bank, today said its move to shut up to 100 branches globally will not have any impact on its operations here.
"The move to shut down 100 branches will not have any impact on our operations in India," a StanChart India spokesperson said, reacting to an announcement of shutting branches globally in order to increase profitability.
He said the bank is the largest foreign lender with 99 branches in the country and there is no rethink on the strategies of growing the business here.
The bank had reported a 10 per cent dip in its profit from the country in the first half of 2014 to USD 395 million.
The country is the third most profitable market for the bank after Hong Kong and Singapore, and is followed by the UAE, China, Britain and South Korea.
In an effort to revive fortunes at a global level, the bank today announced a plan to shut 80-100 branches and improve efficiencies by saving around USD 400 million.
"We recognise our recent performance has been disappointing and are determined to get back on to a trajectory of sustainable, profitable growth, delivering returns above our cost of capital," StanC group finance director Andy Halford said in an investor presentation.
It expects to save USD 400 million through the various measures being implemented, according to the presentation.
