Morgan Stanley sells India wealth unit

May 20, 2013, 12:42 PM EDT
Standard Chartered Bank offices in Mumbai seen in this February 15, 2011 handout photograph.
Courtesy Standard Chartered Bank

Standard Charted has bought the Indian private wealth management business of Morgan Stanley for an undisclosed sum. The acquisition is seen as part of Standard Chartered's push to expand its private banking business in India, which is now concentrated on Mumbai. The Morgan Stanley unit is said to have $800 million of assets under management. Bloomberg reports that Standard Chartered is making an initial payment of $8 million for the unit, with a further payment to follow.