Standard Chartered is in final talks to buy 49 per cent in Indian brokerage UTI Securities for $35 million, a stake it wants to eventually increase to 70 per cent.

“The UTI transaction is in final due diligence," Peter Flavel, Standard Chartered's global head of private banking, said at the launch of the bank’s wealth management unit in Singapore.

UTI is owned by India’s Securities Trading Corp and has 170 branches in the country.

Mr Flavel said Standard Chartered is looking to hire 200 to 300 private bankers across the globe over the next two to three years, bringing their total number to between 350 and 450 by the year 2010.

Private banking contributed almost $2 billion in revenue to the Standard Chartered Group last year, accounting for 40 per cent of consumer banking business. It is headquartered in Singapore and services customers with investable assets of between $1 million and $50 million.

Separately, Standard Chartered said it has appointed Nicholas Sallnow-Smith as regional chief executive for northeast Asia, with effect from 1 July.

Mr Sallnow-Smith will be based in Hong Kong, Standard Chartered said in a statement.

He was previously chief executive of Hong Kong Land Holdings.