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Standard Chartered Bank takes over Indian operations of Bank of Bahrian and Kuwait

Standard Chartered Bank has signed an agreement to take over the Indian operations of Bahrain’s largest bank — Bank of Bahrain and Kuwait (BBK). StanChart is looking at taking advantage of the trade corridor between India and Kuwait and also Bahrain.

This is the second takeover by StanChart after Grindlay’s acquisition. In the last financial year it took over the Indian business of Sumitomo Mitsui Banking Corporation (SMBC).

As of March 31, ’05, BBK’s balance sheet is nearly Rs 600 crore, and the gross NPAs are around 20%. BBK’s has two branches in Mumbai and Hyderabad and had reported a loss of Rs 22.7 crore.

BBK has offered a voluntary retirement schemes for its 70-odd employees. For employees who are joining StanChart, BBK is offering one month’s salary for every completed year of service. For others who are opting for the VRS, it is offering three months salary for every completed year of service.

StanChart would now approach the Reserve Bank of India (RBI) for the final approval. It had earlier recieved an in-principle approval from RBI.

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