MUMBAI: Standard Chartered has agreed to buy more than half of Barclays’ Indian credit card portfolio at a discount to its book value, two sources with direct knowledge of the matter said on Tuesday.
Standard Chartered will buy 170,000 credit card accounts in India from Barclays, which has about 300,000 customers for its cards business in the country, said the sources, who declined to be named as the information was not public yet.
UK-based Standard Chartered and Barclays declined to comment when reached by Reuters.
Standard Chartered will pay less than half of the book value of the 170,000 Barclays credit cards, which is estimated at 1.8 billion rupees, one of the sources told Reuters, adding that the deal was likely to be announced later this week.
SBI Card, a joint venture between the country’s top lender State Bank of India and GE Capital, and Standard Chartered and were competing to buy Barclays’ India credit cards business, sources had told Reuters in September.
Barclays put its India cards unit up for sale earlier this year as part of a restructuring of its business in the country.
Gerald Conrad December - 5 - 2011
There are a number of ways to choose where to place your trading stop, and these will vary depending on your trading strategy, especially when considering your risk limit and profit target. However, most stops fall into the categories of technical stops, equity stops and volatility stops. Technical stops A good rule of thumb is that if you enter a trade for a technical reason, you should exit that trade for a technical reason. So if opened a trade when an asset price bounced off a support (or resistance) level, your profit target would be when the asset approaches the resistance (or support level). This also means you can use the original support (or resistance) level as your stop. Similarly, if you are trading a breakout, once the asset price passes the support or resistance level, that level will become your new stop. Read more…
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