India StanChart doubles up and still has room to grow

India - Standard Chartered Bank will recruit over 5,000 people in Chennai the next five years. This will enable India to remain as Standard Chartered's largest operating location in the world.

According to the bank’s latest annual report, the service centre plans to double the current employee population of 5,500 over the next five years due to the optimism over India’s economic growth.

The report said, “We are investing in front-line staff, in new products and in infrastructure, seizing the opportunities emerging from India's rapid economic growth and the dynamism of its corporate sector.”

This will allow Chennai, the report said, to remain the bank’s biggest technology and operations hub.

Including the service centre, the bank employs 18,000 people in India, making it by far the largest operation anywhere, the report added.

Being the largest foreign lender in India, Standard Chartered has also infused S$341 million to bolster capital adequacy and strengthen operations in the country.