Kolkata: Standard Chartered Bank is looking at organic growth as a key revenue driver and would also be on the lookout for potential acquisitions, its group Chief Executive Officer Peter Sands said today.

"Eighty per cent of the revenue growth in India is organic," Sands, who was here to celebrate the bank's 150th anniversary of its operations in the country, told reporters. The bank had opened its first branch at Kolkata, India, in 1858.

Sands, who was accompanied by Asia director Jaspal Bindra and regional chief executive (India and South Asia) Neeraj Swaroop, said the bank had infused $250 million to bolster capital adequacy and strengthen operations in the Indian market.

He said the bank had registered a pre-tax profit of $690 million and an income of $1,130 million in 2007, reflecting a rise of 52 per cent and 70 per cent respectively over 2006.

Sands said as 2008 was witnessing a turmoil in the financial markets, it would be difficult to give precise guidance about income and profit growth for the year.

With a global income of $11 billion, India's share in this was almost 17 per cent, Sands said. Total capital base of Standard Chartered in India stood at $1.9 billion.

With a present branch network of 83, the bank's total number of branches would rise to 90 after acquisition of American Express.
Source : PTI