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Stanchart floats NBFC
MUMBAI
DEC. 1.
Standard Chartered Bank has floated a wholly-owned subsidiary to be used as a loan vehicle with an authorised capital of $50 million. "We have registered the non-banking finance company (NBFC) and expect it to commence operations in the next month,'' the bank chief executive officer, Chris Low, told newspersons here today. Standard Chartered Investment and Loans Ltd, with an initial capital of $7 million, would be used as a loan vehicle for the bank. However, the NBFC would not accept deposits from the public, he said. — PTI
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