LONDON â€" Morgan Stanley agreed on Monday to sell its Indian wealth management unit to the British bank Standard Chartered for an undisclosed amount.
The deal, which Morgan Stanley expects to close by the end of the year, was part of the bank's plan to focus on other business areas in India like investment banking and asset management.
Morgan Stanley began the wealth management division in the country in 2008, when the economy was expanding briskly, but it has started to show signs of weakness.
The Indian government expects the country's domestic gross domestic product to increase by 5 percent this year, compared with about 6 percent in 2012.
Over recent years, Morgan Stanley has been selling so-called noncore assets to bolster its profitability.
In March, the bank sold its private banking unit in Europe, excluding Switzerland, to the Swiss bank Credit Suisse.
“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,†Morgan Stanley said in a statement on Monday.
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