Morgan Stanley Sells Indian Wealth Unit To UK Bank

Law360, New York (May 20, 2013, 1:43 PM EDT) -- Morgan Stanley India has agreed to sell its wealth management unit, which accounts for roughly 5 percent of the financial services firm's revenue in the country, to U.K.-based global bank Standard Chartered PLC, the potential buyer said Monday.

Standard Chartered's Indian subsidiary will acquire Morgan Stanley's Indian private onshore wealth management business, Standard Chartered said in a statement from Chennai.

"The acquisition complements our existing private banking onshore business and will significantly increase our private banking [assets under management] here," it said.

The Indian wealth management...
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