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StanChart Selling Indian Depositary Stake: Minor Positive

FINANCIALS

Standard Chartered is selling its 7.18% stake in CDSL, the Indian depositary business, minor credit positive for the group.


  • StanChart’s 7.18% is worth USD161m at screen prices, so expect final proceeds to be around USD140-150m. This is only around 40bp of CET1 capital so, whilst positive, this is a very small transaction.
  • This is, however, an indicator that the nascent overhaul of the corporate bank is starting to take shape – something that’s key for equity investors looking to see improved group returns. By extension, this wider trend should be positive for the bank’s credit but this is a small step on a long journey.
  • Next event in the diary for STAN is 1Q24 results in 5 weeks’ time on 2-May.
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