note: Though we subscribe to a Dollar Forty rule for Rupee conversions baased on our reading of the crystal ball, we have temporarily been forced to recalibrate at 45 as the Rupee range proves tenacious..
Hours earlier a bidding war has been reported over the last Barclays Bank assets in India. Barclays owns a NBFC operation for unsecured loans and wealth management sales while it had a card unit which has already ramped up to 200000 users without a clear policy it expected from RBI
Each user is being priced at $2.2 or Rs 100 with assets of Rs 30-50 bln or around $1 bln with no accurate information available from the bank
According to the yahoo! lead story, Barclays is merging its two Institutional businesses for cross selling synergies combining its Commercial banking unit with Barclays Capital (investment banking)
Bidders for the card unit include Stanchart with a 1.2 million cardholder base ( #1 in India) and SBI with probably at least 400,000 active cards in circulation. ICICI and HDFC have pared their cardholder numbers to 600,000 each after the 2008 crisis and there are 18 mln cardholders in India according ot the last RBI data