May 20 (Reuters) - Morgan Stanley (Xetra: 885836 - news) said on Monday it has signed an agreement to sell its Indian wealth management unit to Standard Chartered (Other OTC: SCBFF - news) . Financial terms of the deal were not disclosed.
"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 U.S. bank said in a statement.
This process is expected to be completed by the end of 2013, it said.
Morgan Stanley launched the sale of its Indian private wealth management unit in November (Xetra: A0Z24E - news) 2012, after entering the highly fragmented and competitive market about four years earlier.
The sale of the unit underscores a growing trend of consolidation in Asia's wealth management industry as private banks struggle to earn profits in the face of rising regulatory costs and wafer-thin advisory fees.