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A deal is not concluded yet in broking firm UTI Securities. It was reported earlier that Standard Chartered Bank had almost closed a deal to buy a stake in UTI Securities, currently owned by Securities Trading Corporation of India. The firm is still up for grabs if anyone is interested and willing to give the price - probably higher than what Stanchart is offering. A Stanchart executive has been quoted by Press Trust of India (Via The Economic Times) as saying that they were still in "advanced stage" of talks with STCI to buy a stake in UTI Sec.

"We remain interested in it (UTI Securities) and continue to talk," Standard Chartered Bank India CEO Neeraj Swaroop told media. STCI had put 49 per cent stake in UTI Sec on the block. In fact several firms like Kuwait's Global Investment House, Citigroup, Macquarie Bank, and Societe Generale were reportedly in talks with STCI to buy a stake. In May, it was reported that Stanchart had almost done the deal. Several banks are looking for an entry into broking and financial products distribution, so a firm like UTI Sec offered synergy.

STCI bought UTI Sec in February 2006 for Rs 265 crore from the Specified Undertaking of UTI. STCI wants to sell 49 per cent of it now, and the rest after the lock-in period which will end in 2009.

Meanwhile, Stanchart said it's looking for partners for its proposed asset reconstruction company.

Related:

Standard Chartered Bank To Buy 49% In UTI Sec For Rs 140-150 Crore

Citi, Macquarie And Three Other Foreign Firms In Race For Stake In UTI Securities