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Standard Chartered Bank is acquiring the Indian operations of Japan's Sumitomo Mitsui Banking Corporation. Sumitomo Mitsui, which operates branches in Bombay and New Delhi, will transfer its assets and liabilities to Standard Chartered by the end of March 2005, subject to regulatory approvals.
For the year ended March 31, 2003, SMBC registered a net loss of Rs 45.5 crore. Its major operations include trade finance, loan syndication and cash management. The bank is a part of the Sumitomo Mitsui financial group.
In 2002, Standard Chartered merged Grindlays, with itself, and formed the largest foreign bank in India in terms of profitability and network. It was part of Stanchart’s acquisition of Grindlays operations in West Asia and South Asia.
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