StanChart India gets CCI approval for buying Barclays' assets
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Fair trade regulator Competition Commission has approved Standard Chartered Bank's proposed buyout of certain loan assets of Barclays, saying the deal would not adversely impact competition.
Standard Chartered Bank, India had approached the Competition Commission of India (CCI) regarding its proposed acquisition of certain loan portfolios of Barclays.
The entity is to buyout the "performing loan portfolios of personal instalment loans, loans against property and home loan finance of Barclays Bank Plc, India branch and the performing loan portfolios of personal instalment loans and loans against property of Barclays Investments and Loans (India) Ltd (BILIL)".
Approving the proposal, the Commission in its order dated November 21, said it is of the opinion that "the proposed combination is not likely to have an appreciable adverse effect on competition in India".
Besides, Standard Chartered Bank, Barclays India and BILIL, there are a large number of other players engaged in the business of providing personal loans, inlcuding personal instalment loans, loan against property and home loan finance, the Commission said.
"In view of the foregoing, it is observed that the proposed combination is not likely to raise any adverse competition concern," it said.
For the deal, Standard Chartered Bank has entered into separate framework deeds with Barclays India and BILIL.
The notice, seeking approval, was submitted to the Commission on November 5.
As per the notice, Barclays India is exiting the line of business pertaining to personal instalment loans, loans against property and home loan finance while BILIL is existing operations related to personal instalment loans and loans against property.