New Delhi: The United States-based banking major Morgan Stanley Monday said that it has signed an agreement to sell its Indian wealth management business to the United Kingdom-based Standard Chartered.
"Morgan Stanley will work closely with Standard Chartered over the coming months to ensure a smooth transfer of our wealth management clients currently serviced in India," the US bank said in a statement.
However, the financial details of the deal were not disclosed.
The transfer of the wealth management business is expected to be completed by December 31, 2013.
The wealth management business accounted for less than 5% of Morgan Stanley's India revenue in 2012.
Morgan Stanley has been reviewing operations in India to focus on businesses including investment banking.
Earlier this year, the US bank's Chief Operating Officer in India and over a dozen employees from investment banking, fixed income and research departments left the company.